Transcript
Congress is hoping to agree on $300 billion of additional money for the paycheck protection program, which is designed to provide loans to businesses shuttered by coronavirus restrictions.
The government’s small business relief program could be decided Monday.
However there has been growing backlash over how the funds have been distributed.
The programs initial $349 billion allocation was exhausted in a few weeks.
And many small business owners faced rejection while larger establishments like Shake Shack and Potbelly Sandwich shop landed multimillion-dollar loans.
On Monday Shake Shack announced it will return the ten-million dollar loan it received from the government.
The CEO of the company said it would benefit from the financial boost but isn’t keeping the funds because it has “access to capital that others do not.”
The small business funding bill is also expected to include 75 billion dollars for hospitals and 25 billion for coronavirus testing.
It is not expected to include money for state and local governments with budgets crippled by the current crisis.
Posted – 4.20.20