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

Must Read

Five Inspirational Female-led Venture Capital Funds and the Great Female-led Startups they are Investing in. 

Up till now, Venture capital has remained largely male-dominated even as many more women join the entrepreneurial sector. Only...

5 Tips to Shop for Clothes with No Regrets

A friend getting engaged – have to purchase a new top. A cousin is having a baby shower...

Best Investment Association For Women 2020

Financial Women's Association The Financial Women’s Association brings together high achieving professionals from every sector of the financial world. We...
Rebecca Stonehttps://femaleinvestormagazine.com
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 -

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisement -

Latest News

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...

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...

Women in Investing; An Opportunity for Advisers

Female wealth is rising even though very few women invest in shares and funds as many prefer the safe haven for their cash. This...
- Advertisement -

More Articles Like This

- Advertisement -