{"id":143792,"date":"2020-05-03T22:31:09","date_gmt":"2020-05-03T22:31:09","guid":{"rendered":"https:\/\/www.bnreport.com\/white-house-175-billion-in-emergency-small-business-loans-given-out-in-past-week\/"},"modified":"2020-05-03T22:31:09","modified_gmt":"2020-05-03T22:31:09","slug":"white-house-175-billion-in-emergency-small-business-loans-given-out-in-past-week","status":"publish","type":"post","link":"https:\/\/www.bnreport.com\/en\/white-house-175-billion-in-emergency-small-business-loans-given-out-in-past-week\/","title":{"rendered":"White House: $175 Billion in Emergency Small Business Loans Given Out in Past Week"},"content":{"rendered":"

The White House said Sunday that 2.2 million small business loans worth $175 billion were doled out in the second round of the Small Business Administrations Payroll Protection Program (PPP).<\/p>\n

Treasury Secretary Steven Mnuchin and Small Business Administration Administrator Jovita Carranza said the average size of the loan was about $79,000. The agency started sending out its second round of payments on April 27, coming days after Congress passed a measure to infuse it with funds.<\/p>\n

\u201cThe Paycheck Protection Program is providing critical support to millions of small businesses and tens of millions of hardworking Americans,\u201d Mnuchin and Carranza said in a joint statement<\/a>, adding that \u201cthe program is broadly based and assisting the smallest of small businesses.\u201d<\/p>\n

The program, which provides loans to small businesses that have been hard-hit during the CCP (Chinese Communist Party) virus pandemic<\/a>, quickly exhausted its $454-billion fund in the middle of April before it was replenished by lawmakers with another $300 billion. It was created to curb massive layoffs during the pandemic as businesses have been forced to shutter after governors announced strict stay-at-home measures while some industries have been crushed while people follow social-distancing requirements.<\/p>\n

Congress passed a bill to create the program to provide aid to some struggling small businesses via government-backed loans that can be forgiven if employers dont layoff their workers.<\/p>\n

\"Epoch
\"Epoch<\/figcaption><\/a> A loan statement account status is displayed next a iPhone screen behind reading \u201ccoronavirus\u201d in Arlington, Virginia, on April 16, 2020. (Olivier Douliery\/AFP via Getty Images)<\/figure>\n

\u201cNearly 500,000 of the loans were made by lenders with less than $1 billion in assets and non-banks. These lenders include Community Development Financial Institutions, Certified Development Companies, Microlenders, Farm Credit lending institutions, and FinTechs,\u201d according to the joint statement.<\/p>\n

The Trump administration said that more than 850,000 loans were made by lenders with $10 billion of assets or less.<\/p>\n

Carranza and Mnuchin saiRead More From Source<\/a>
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\n[contfnew]
\n <\/p>\n

The Epoch Times<\/a><\/h5>\n

[contfnewc]
\n[contfnewc]<\/p>\n","protected":false},"excerpt":{"rendered":"

The White House said Sunday that 2.2 million small business loans worth $175 billion were doled out ..<\/p>\n","protected":false},"author":1,"featured_media":143793,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[46],"tags":[],"class_list":["post-143792","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-politics"],"yoast_head":"\nWhite House: $175 Billion in Emergency Small Business Loans Given Out in Past Week - Business News Report<\/title>\n<meta name=\"description\" content=\"The White House said Sunday that 2.2 million small business loans worth $175 billion were doled out ..\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.bnreport.com\/en\/white-house-175-billion-in-emergency-small-business-loans-given-out-in-past-week\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"White House: $175 Billion in Emergency Small Business Loans Given Out in Past Week - 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