The $660 billion aid program for small businesses has restrictions that are proving an impediment for firms with modest payrolls and high rent
WASHINGTON—The federal government’s $660 billion aid program for small businesses coping with the coronavirus pandemic threatens to leave hundreds of thousands of companies struggling to survive because of its limits on nonpayroll expenses.
The Paycheck Protection Program requires that 75% of the funds go for employee salaries, and no more than 25% on rent, mortgage interest and utility payments. That is proving to be a deal breaker for many small businesses with modest payrolls and high rent costs, such as restaurants, salons...
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