The $300 billion that was kept to help small businesses acquire some loans in the face of this global pandemic has already been used up, most banks record. The Paycheck Protection Program, which promised a whopping $349 billion was all but over by April 16, merely two weeks after it was brought to the market.
Congress has again facilitated $310 billion to be used by the Program, but experts are of the opinion that this money would already be invested on those who have been waiting in the queue for some time now. Businesses who are just coming round would stand to gain nothing.
“The majority, if not all, of the funding Congress is considering right now is already exhausted,” said Nick Simpson, a spokesman with the Consumer Bankers Association.