Congress’ $300B package for small businesses not enough, may only last days: report
Bank officials reportedly have warned that the $450 billion package to replenish the earlier small business emergency fund will likely have a burn rate of $50 billion per day and run out of money in just a few days.
Bank officials reportedly have warned that the $450 billion package to replenish the earlier small business emergency fund will likely have a burn rate of $50 billion per day and run out of money in just a few days.
Banks have been warning customers that are qualified for a loan that not every business will receive one, Politico reported. Banking representatives told the website that for the package to have any significant effect on demand, it would have to approach $1 trillion. Richard Hunt, the president of the Consumer Bankers Association, told Politico that the new funds would be gone “at most” in 72 hours.
Negotiators from the House, Senate and White House are close to finalizing an accord on the so-called “phase 3.5” response to the coronavirus pandemic and hope to have an agreement late Monday or Tuesday, Fox News is told. The response will include $310 billion for the Paycheck Protection Program (PPP), which offers grants to small businesses struggling to make payroll, sources tell Fox News. Click here for more.
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