Close to 1.66 million U.S. tiny businesses have secured $342 billion in loans underneath a federal coronavirus relief plan, with building firms having the largest share.
The Paycheck Defense Application is the centerpiece of the $2 trillion CARES Act that Congress passed past month, presenting partially forgivable loans to tiny businesses to cover payroll expenses for eight months.
Whilst the plan has virtually operate out of the $349 billion allotted to it, and critics have explained it has fallen short in the industries and states most battered by the coronavirus crisis, Treasury Secretary Steven Mnuchin proclaimed it a achievements.
“The PPP liked wide-based participation across the place from loan providers of all sizes and a large array of industries and businesses,” he explained in a information release.
Practically 3-quarters of loans ended up for underneath $a hundred and fifty,000, “demonstrating the accessibility of this plan to even the smallest of