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Government loans start flowing to small businesses

Posted at 2:21 PM, Apr 13, 2020
and last updated 2020-04-13 19:47:07-04

The flow of money to small businesses under the government’s coronavirus relief plan is picking up momentum although many company owners are still waiting and wondering. Money that was held up by technological and legal issues and the sheer volume of applications began arriving in companies’ bank accounts at the end of last week. The Small Business Administration says more than 959,000 applications have been approved for over $232 billion from the Paycheck Protection loan program. The loans of up to $10 million carry the promise of forgiveness if the money is used for retaining staffers or rehiring those who have been laid off.