NSA CEO John Rice has written an article to keep you up to date on the evolving Paycheck Protection Program loan roll-out. This article discusses the US Senate's failure to reach a deal on an additional $250 billion for the PPP and the urgency for funding to reach small businesses.
Here is a brief excerpt from the article.
The US Senate Adjourned Thursday without a deal on an additional $250 billion for the Paycheck Protection Program (PPP).
John Rice, NSA CEO
The CARES Act is only a week old and the initial $349 billion allocated for the Paycheck Protection Program (PPP) is proving insufficient as widespread need for the program grows among small businesses.
As of Thursday, the SBA reported more than 550,000 loans worth $141 billion have been approved under the program. Yet, banks are saying only small portions of approved loans have been disbursed and the figure doesn’t include small businesses and nonprofits still searching for lenders. As NSA previously reported this week, President Trump, the Treasury Department, and lawmakers had pledged quick support for an additional $250 billion to bolster the PPP.