Paycheck Protection Program Up & Running For Small Businesses | NewsNOW from FOX

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Published on 23 Jan 2021, 2:03
As the pandemic drags on, many business owners are looking forward to applying for loans under the revived Paycheck Protection Program. The program is off to a smoother and slower start compared to the first round last spring. The Small Business Administration, which manages the relief program, says it approved about 60,000 PPP loan applications for over $5 billion in the program’s first week. Borrowing was restricted first week to lenders specializing in underserved communities, including firms by minorities, women, and veterans. The slower rollout was done in part by design to prevent desperate borrowers from overwhelming the government’s computer systems as they had done last spring. On Tuesday, the program was opened to all lenders. We talk to a business owner looking forward to applying for a loan about what it would mean for their livelihood.

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