04/30/2020

COVID-19 Loan Program Approves More Than $52 Billion in Relief

Still no funds have been made available to many nonprofits

The Trump administration said it’s approved more than $52 billion in loan requests for small businesses so far in the relaunch of a coronavirus relief program, even as lenders said they’ve struggled to submit applications and advocates worry that funds will run out before many mom-and-pop businesses get help.

The U.S. Small Business Administration said it’s processed almost 476,000 loan applications from almost 5,200 lenders as of 1 p.m. New York time Tuesday. The Paycheck Protection Program (PPP) offers loans of as much as $10 million meant to keep workers at small businesses employed amid state stay-at-home orders.

However, no funds have been made available to the majority of nonprofit organizations outside two sectors.

Please select this link to read the complete article from American Banker.