Restaurants Desperately Need the Government’s Coronavirus Stimulus Loans, But the Banks Aren’t Ready

  • By cvbizz
  • April 3, 2020
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Today, the Small Business Administration is due to start doling out $350 billion in loans allocated by the $2 trillion coronavirus relief stimulus. But banks and other lenders responsible for administering those loans say they aren’t yet prepared to do so, and interest rates are already higher than initially proposed.

The Paycheck Protection Program (PPP), as it’s called, represents the bulk of federal relief efforts for small-businesses like bars and restaurants. Businesses of fewer than 500 employees can apply for

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