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For small business lending program, a few hits, some misses

New York economy Government Coronavirus
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NEW YORK – The Trump administration has dispensed about $530 billion to millions of small businesses to cushion them from the sharp downturn induced by the coronavirus.

The question is: how effective will the Paycheck Protection Program be? Some small business owners say the program’s low-cost loans have enabled them to forestall layoffs or rehire staff – and they appreciate that the loans are forgiven if they spend the bulk of the money saving jobs.

However, even with these incentives, the program is running up against a brutal reality: unemployment is rising to Depression-era levels and a deep recession has settled upon Main Streets across the country even as states begin to restart their economies.

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COVID-19
United States
United States
Cases: 46 252 513
Deaths: 750 423
Recovered: 0
India
India
Cases: 34 321 025
Deaths: 459 652
Recovered: 0
Brazil
Brazil
Cases: 21 835 785
Deaths: 608 235
Recovered: 0
United Kingdom
United Kingdom
Cases: 9 215 683
Deaths: 141 607
Recovered: 0
Russia
Russia
Cases: 8 494 589
Deaths: 237 619
Recovered: 0
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