Next round of coronavirus-aid program for small businesses starts Monday

Must Read

Opinion: More Female Investors are Needed in the Entrepreneurial Industries Today

As the world slowly emerges with technology and business at the heart of its growth, more women investors are...

How to Pitch to Female Investors

Pitch to Female Investors Women founders tend to have more success when they pitch to at least one woman investor compared...

What Female Investors Look For When They Invest

Welcome to WordPress. This is your first post. Edit or delete it, then start writing!
Rebecca Stone
Editor in Chief of Female Investor Magazine Female Investor Magazine is dedicated to female investors success | #1 Source For Female Investors

Beginning on Monday. Small businesses that missed out on the first round of loans under the federal Paycheck Protection Program can apply for a new round of the pandemic-related emergency loans
This week, Congress approved the $310 billion for the second round after an initial $349 billion fund was quickly exhausted.
in a news briefing Friday. Jeremy Field, the regional administrator for the SBA Pacific Northwest Region, said “Our economy is dependent on the small businesses, so we need to and are doing everything in our power to ensure that they make it through the impact of this horrible pandemic,”
. In Washington, the SBA oversaw 30,421 loans totaling $6.96 billion before the program ran out of funds last week.
This program has helped small businesses primarily to retain or rehire employees But the program also has been criticized for underestimating the amount of money needed by small businesses during the pandemic, and for not making loans more accessible to smaller businesses. Some small business owners in Seattle say they were either unable to apply for loans or were not approved before the funding ran out. In Washington, the SBA oversaw 30,421 loans totaling $6.96 billion before the program ran out of funds last week.
Critics also claim that the program favored much larger firms, as well as those in sectors that hardly felt the impact of layoffs. According to the Wall Street Journals, SBA loans of $1 million or more represented just 4% of all applications, but accounted for nearly half of the money lent out — a pattern that indicated “larger companies received a disproportionate share of aid,” said the Times.
An analysis by the Urban Institute found that the accommodations and food industry, which accounted for nearly two-thirds of the job losses in March, received just 9% of the program’s funds, while the professional, scientific, and technical services sector, which saw an increase of 7,500 jobs during that time, got 12.3% of the program funds. Critics hope it won’t be so this time

- Advertisement -


Please enter your comment!
Please enter your name here

- Advertisement -

Latest News

Rose Vitale of DRA Family Office to Speak about Women Investors at Private Wealth Management Summit

FOR IMMEDIATE RELEASE Rose Vitale of DRA Family Office to Speak aboutWomen Investors at Private Wealth Management Summit Vitale to share...

Latina President, Co-Founder Defeats Sexism, Achieves $1B Valuation Amid Remote-Work Surge

Sept. 30 -- Silvina Moschini, president and co-founder of TransparentBusiness, announced the remote-work platform will reach a $1 billion valuation. TransparentBusiness will start a new...

Ten Female founded Companies you should know about.

  We all acknowledge that women are significantly underrepresented in leadership posts, tech enterprises, as well as when it comes to gaining funding. Despite the...

Unique Events for Female Founders in 2020

  Are you a female founder who is looking for a platform to celebrate your business accomplishments as well as connect with other ambitious female...

Opinion: Women investors and Wealth Management Firms

The dynamic view of the finance management sector has pushed industry stakeholders to redirect business tactics. Concurrently, women have surfaced as responsive, dedicated, and...
- Advertisement -

More Articles Like This

- Advertisement -