The Paycheck Protection Program under the CARES Act got off to a rocky start, and banks now are overwhelmed with demand for $349 billion in federal loan money.
he Treasury Department is planning to ask Congress for another $200 billion to replenish the Paycheck Protection Program, which
sets aside $349 billion in rescue loans for small businesses, as demand for financing surges and banks struggle to keep up.people briefed on the matter.banks say guidance from the federal government was too slow to come and confusing once it did arrive, andSenator Marco Rubio , who is the chairman of the Senate Small Business and Entrepreneurship Committee, tweeted on Monday that the program is already in urgent need of more funding.
The program will offer loans of up to $10 million at 1% interest to companies and nonprofits with fewer than 500 workers so they can cover two months of payroll and overhead expenses. If the borrower retains workers and doesn’t cut their wages, the government will forgive most or all of the loan and repay bank lenders.
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