As thousands of small business owners across the country scramble to stay afloat, the popular federal government-backed loan program meant to save those companies is poised to run out of money.
or hire back those it may have already furloughed, and the loans are forgivable provided that 75% of the total amount borrowed is used for payroll expenses.Donald TrumpPresident Donald Trump speaks during the daily briefing on the novel coronavirus, COVID-19, in the Rose Garden at the White House, April 15, 2020, in Washington.
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A woman wearing a mask walks past closed store fronts in the Astoria neighborhood of Queens, on April 15, 2020, in New York. Meanwhile, it remains to be seen what happens to lenders who have borrowers in the pipeline. The head of the Consumer Bankers Association, an industry trade group closely monitoring PPP told reporters that his organization was pushing SBA for guidance on what happens next, noting that much was at stake.
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