NEW YORK (AP) — Small businesses are in limbo again as the coronavirus outbreak rages and the government’s $659 billion relief program draws to a close.
Companies still struggling with sharply reduced revenue are wondering if Congress will give them a second chance at the Paycheck Protection Program, which ends Friday after giving out 5.1 million loans worth $523 billion. While the program that began April 3 has gotten mixed reviews, business owners still need help as the virus continues to spread and hamstring the economy.
“They’ve exhausted their funds and are looking for a Round Two,” says Molly Day, a spokeswoman for the National Small Business Association, an advocacy group.
Congress is debating further help for small business as part of a broader coronavirus relief package. One proposal would allow the hardest-hit businesses, those whose revenue is down over 50%, to return for a second PPP loan; there’s still