Officials plan to make changes to the Paycheck Protection Program that are likely to give small businesses more flexibility and time to spend funds
WASHINGTON—Lawmakers and government officials are preparing to make significant changes to the Paycheck Protection Program, amid cooling demand for government-backed loans and criticism from business owners who say they can’t tap the funds.
The changes are likely to include giving businesses more flexibility to spend the money, according to lawmakers and others following the deliberations. Under the original terms, 75% of the funds were required to be spent on employee salaries for the loans to be forgiven.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Magic Johnson Makes Another Assist—to the Small Business Aid ProgramEarvin “Magic” Johnson said his EquiTrust Life Insurance Co. will provide $100 million in capital to fund loans for minority-owned businesses through the Small Business Administration’s Paycheck Protection Program.
Read more »
Daughter-in-chief: Ivanka Trump pushes food distribution programThe program is a symbol of how the president's eldest daughter is making her presence felt on a number of issues during the coronavirus pandemic.
Read more »
Reality star charged with spending funds from federal small business program on jewelry, Rolls-RoyceMaurice “Mo” Fayne, from “Love & Hip Hop: Atlanta,” is one of the first people to be charged with misusing the funds. He is fighting the charges in court.
Read more »
Exclusive: U.S. Justice Dept. subpoenas Wall Street banks for small business loans info - sourcesThe U.S. Justice Department has sent grand jury subpoenas to big banks seeking records as part of a broader investigation into potential abuse of a $660 billion emergency loan program to help small businesses hurt by the novel coronavirus, two people with knowledge of the matter told Reuters.
Read more »
About half of all small businesses in danger of failing during pandemic, survey findsIf the pandemic-induced economic turmoil lasts past Memorial Day, about half of U.S. small businesses could be in danger of failing, survey finds.
Read more »
The Best Fashion Instagrams of the Week: Kim Kardashian West, Ariana Grande, and MorePlus, Joan Smalls makes us all want to run away to an adorable paradise.
Read more »