Paycheck Protection Program - updates

Rappler's latest stories on Paycheck Protection Program


Fresh outrage as well-connected firms nab U.S. loans

Jul 08, 2020 - 12:35 AM

(UPDATED) The United States Paycheck Protection Program is once again under scrutiny after loans meant for small businesses went to firms with connections

NEW YORK, NEW YORK - JULY 06: Manhattan stands in the distance on Monday morning as New York City officially begins Phase Three' of opening on July 06, 2020 as seen from the Staten Island Ferry in New York City. While the resumption of indoor dining has been postponed indefinitely due to a spike in Covid-19 cases in states such as Texas and Florida, Phase Three in New York will allow for beauty businesses nail salons, tanning studios and tattoo parlors to open their doors to customers for the first time in months. Spencer Platt/Getty Images/AFP

New U.S. layoffs show mixed impact of small business loans

Jun 19, 2020 - 8:00 AM

The United States economy continues to bleed jobs, even as states reopen and despite federal initiatives like the Paycheck Protection Program

CLOSED. A homeless man walks past closed stores in the Fashion District in Downtown Los Angeles, California, on April 2, 2020. Photo by Apu Gomes/AFP

Mnuchin says U.S. to audit virus relief loans after outcry

Apr 29, 2020 - 8:00 AM

'For any loan over $2 million, the [Small Business Administration] will be doing a full review of that loan before there is loan forgiveness,' says United States Treasury Secretary Steven Mnuchin

HALTED. A normally busy Main Street is deserted as the small businesses that line the business district in Rockton, Illinois, remain closed on March 24, 2020. Photo by Scott Olson/Getty Images/AFP

Trump signs huge new economic relief spending package

Apr 25, 2020 - 9:05 AM

The latest package signed by United States President Donald Trump will pump another $483 billion of government funds into the world's biggest economy

US President Donald Trump signs the Paycheck Protection Program and Health Care Enhancement Act in the Oval Office of the White House in Washington, DC, on April 24, 2020. - The $483 billion stimulus act will back small businesses on the brink of bankruptcy, and allocate more money for health-care providers and virus testing. (Photo by Olivier DOULIERY / AFP)

U.S. bars larger firms from SBA loans after uproar

Apr 24, 2020 - 8:00 AM

Companies that inappropriately received funding under the Paycheck Protection Program have until May 7 to return the funds to the US Small Business Administration

UPSCALE RESTAURANT. A branch of Ruth's Chris Steak House in Anaheim, California. Photo from Shutterstock

U.S. loan program under fire as Shake Shack returns SBA money

Apr 20, 2020 - 11:40 PM

(UPDATED) The United States' Paycheck Protection Program is touted as a lifeline for mom-and-pop businesses, but has faced questions about whether too much of the money is going to better-connected firms

WORLDWIDE CHAIN. A Shake Shack branch in New York City. Photo from Shutterstock

U.S. says loan program aided 1.6 million small businesses

Apr 18, 2020 - 7:30 AM

The $349 billion allocated to the United States' Paycheck Protection Program goes to 1.6 million small businesses. There are talks on additional funding.

ALMOST EMPTY. A man walks across Wisconsin Avenue in the normally busy shopping district of Georgetown in Washington, DC, on March 23, 2020. Photo by Mandel Ngan/AFP

U.S. set to pump more funds into small business loans

Apr 08, 2020 - 9:30 AM

Banks in the United States are flooded by requests from businesses hit hard by the coronavirus pandemic

SHUT DOWN. A deserted shopping center is seen in Key Largo, Florida, during the coronavirus outbreak on March 22, 2020. Photo by Chandan Khanna/AFP