Despite early glitches and overwhelming demand, the Small Business Administration processed more than 100,000 Paycheck Protection Program loans by more than 4,000 lenders.
The small-business loan program that received a new infusion of cash last week reopened with a sputter Monday as the Lakers became the latest high-profile name todesigned to boost small, struggling companies during the coronavirus pandemic.
The intense demand for the small-business program comes as several large companies have returned loans they received in the program’s initial days. The Lakers on Monday said the franchise would return $4.6 million.The Lakers — like Shake Shack, Ruth’s Chris Steakhouse, Potbelly and a handful of others — faced a backlash on social media, from lawmakers and Trump.
Democrats on Capitol Hill demanded that the program develop safeguards to ensure that the money reaches businesses that are truly small and truly need it. The loans are forgivable if employers agree to keep on most workers during the pandemic.
In addition to the criticism that large companies have been able to access the program, the Trump administrationalso has been under fire for allowing large banks to access the program more easily than smaller ones. Banks have also favored their clients, leaving out microbusinesses or entities without a preexisting banking relationship. The latest funding bill earmarked $60 billion for such companies that complained of being shut out during the first round.
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