Small-business owners across the country are outraged after the coronavirus relief program intended to extend them a financial lifeline exhausted its $350B fund less than 2 weeks after it started — while lenders took home almost $6B in fees.
“It is frustrating due to the small window of opportunity to maintain business,” wrote Yurubi. “This is not right.”
On Friday, the SBA disclosed the first final accounting of the exhaustion of the Coronavirus Aid, Relief, and Economic Security Act Act funding for the initial phase of the PPP program. In sum, 1,661,367 loans were approved for $342,277,999,103 from 4,975 lenders through noon Friday, the SBA said in a release.
The top five industries receiving the loans, in descending order, were construction, services, manufacturing, health, and accommodation and food services. These loans compromised nearly 60 percent of the total amount. However, despite the amounts of funding that have been committed, the nation’s biggest retail banks were largely unable or unwilling to share figures on how many funds had actually been actually deposited into customers’ bank accounts.
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