The $349 billion cap for small business loans for the coronavirus stimulus was reached Thursday, taking less than two weeks to run out.
Why it matters: While it’s a sign that more than 1.6 million small businesses (and some larger ones) will eventually get desperately needed cash, it’s now officially a sign that more is needed.
- Paycheck Protection Program (PPP) loans are forgivable if used for payroll and rent and similar expenses, and they’re designed to keep otherwise healthy businesses afloat during this crisis.
The big picture: In roughly a month, coronavirus lockdowns have…
- Caused more than 1 in 10 working-age Americans to file for unemployment.
- Put historic pressure on businesses not initially affected by the lockdown, with a second wave of layoffs hitting nationwide. (WSJ) Continue reading.