U.S. small businesses to get more cash as pandemic loan program re-opens

https://www.reuters.com/article/idUSKBN29G13A

 

By Michelle Price, Pete Schroeder

By Michelle Price, Pete Schroeder

The U.S. government on Monday was set to re-open its signature small business pandemic aid program with $284 billion in new funds and revamped rules that aim to get cash to the most needy businesses while stamping out fraud and abuse.

The Small Business Administration (SBA) announced on Friday that it would launch a third round of the Paycheck Protection Program (PPP) this week, starting with small community financial institutions on Monday, and larger lenders in coming days.

By prioritizing smaller lenders, the SBA hopes to address criticism from lawmakers that minority and women-owned businesses did not get enough money during the first two PPP rounds last year compared with bigger businesses.

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