The
extension to the Payroll Protection Program (PPP), which was
launched in April to keep Americans on company payrolls and off
unemployment assistance, gives business owners an additional
five weeks to apply for funding assistance plagued by problems.
An estimated $130 billion of the $659 billion provided by
Congress is still up for grabs. Critics worry the U.S. Small
Business Administrator's office, which administers the loan, may
continue to experience challenges in fairly distributing the
funds.
From the outset, the unprecedented first-come-first-served
program struggled with technology and paperwork problems that
led some businesses to miss out while some affluent firms got
funds.
The SBA's inspector general found in May that some rural,
minority and women-owned businesses may not have received loans
due to a lack of prioritization from the agency.
Reuters reported https://www.reuters.com/article/us-health-coronavirus-usa-ppp-exclusive/exclusive-us-small-business-program-handed-out-virus-aid-to-many-borrowers-twice-idUSKBN2391S9
on Thursday that a technical snafu in a U.S. government system
caused many small businesses to receive loans twice or more
times, nearly a dozen people with knowledge of the matter said.
(Reporting by Katanga Johnson; Editing by Mary Milliken and
Chizu Nomiyama)
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