We will continue to fight to reverse the Small Business Administration\u2019s discriminatory rule that denies small gaming operators access to the PPP program, threatening the livelihoods of thousands of Nevada workers,\u201d US Sens. Catherine Cortez Masto and Jacky Rosen (D-Nevada) said in a joint statement.<\/p><\/blockquote>\n
Rosen and US Rep. Dina Titus (D-Nevada) have filed legislation in their respective chambers that would prohibit the SBA from excluding small casinos and other gaming businesses from loan consideration.<\/p>\n
How Long Will $320 Billion Last?<\/h2>\n
The PPP loans are designed to allow small businesses with up to 500 employees to receive funding at a level equivalent of 10 weeks of payroll. The loan is forgivable if at least 75 percent of it is used toward payroll, and the remainder can be used for other costs, such as rent or mortgage payments, paying benefit costs or utility expenses.<\/p>\n
According to the American Bankers Association, 1.7 million small businesses have already been approved for a PPP loan, with the average amount equaling $206,000<\/p>\n
With the new funding set to be approved later this week, the question becomes: how long will it last? The first $349 billion was exhausted in less than two weeks. Banking officials think the new round will go even quicker, meaning companies that have yet to apply will need to get their application in as soon as possible, since PPP is a first-come, first-served program.<\/p>\n
Richard Hunt, the president and CEO of the Consumer Bankers Association, tweeted over the weekend that covering all applications would require $1 trillion in funding.<\/p>\n
In an interview with Politico, Hunt expected the new funds to run dry very quickly.<\/p>\n
“This is going to go within, at most, 72 hours,” he said. “But the odds are more like 48 hours.”<\/p>\n","protected":false},"excerpt":{"rendered":"
The US Senate took the first step Tuesday to extend a small business COVID-19 relief program by approving a nearly half-trillion dollar spending package. That includes more than $320 billion for the Paycheck Protection Program (PPP). The vote took place on the same day that Republican and Democratic Congressional leaders reached an agreement on the […]<\/p>\n","protected":false},"author":45,"featured_media":133685,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[33810,13],"tags":[],"acf":[],"yoast_head":"\n
Senate Approves $320B in New Paycheck Protection Program Funding<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n