SBA Answers Your Questions About Next Round In The Paycheck Protection Program
President Trump signed a new $484 billion relief package on Friday. The deal includes $310 billion to replenish the Small Business Administration's Paycheck Protection Program. The PPP ran out of money on April 16, after just 14 days.
Many large businesses, including Potbelly, Ruth's Chris Steakhouse and Shake Shack, came under fire for receiving sizable loans in the first days of the program. Shake Shack has since returned the money it received and there have been calls for other businesses to do the same. The new bill closes a loophole in the law that allowed larger firms to participate in the program.
Even with the new appropriations, there is widespread concern the funds still will not be enough to meet the surging demand for funds. Joining Cincinnati Edition to discuss the loan process and the high demand is U.S. Small Business Administration Great Lakes Region Regional Administrator Rob Scott. We are also joined by two small business owners: Sewendipity Lounge Owner Karen Williams; and MORTAR Managing Partner and Creative Director Allen Woods.