Arvest Bank Announces $1.05 Billion in SBA Paycheck Protection Program Loans

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$25 billion for coronavirus testing, a point of contention for the administration.

Thousands of American jobs and small businesses depend on it.

The $350 billion for the Paycheck Protection Program that was part of a coronavirus rescue package Congress passed last month quickly ran dry. The Small Business Administration guarantees the loans if the businesses use at least 75 percent of the funds for payroll costs.

"Small businesses were prepared and ready to apply for these programs, the only financial support options for most, and it is very frustrating that the majority of these true small businesses haven't received their loan yet", said Holly Wade, director of Research and Policy Analysis at the NFIB.

Like other businesses, the Francises have applied for various grants and loans, including the PPP program, but nothing has happened. The legislation was approved by the Senate earlier this week and President Trump has said he will sign it into law.

"These funds are sorely needed by small-business customers in urban, suburban and rural communities", said Rebeca Romero Rainey, president and CEO of the Independent Community Bankers of America (ICBA), a trade group for smaller banks.

World Health Organization chief: Worst of coronavirus pandemic yet to come
Nevertheless, Tredros said: "There is no secret in World Health Organization because keeping things confidential or secret is unsafe ".

The program provides loans to companies to retain and hire employees and cover overhead.

According to the most recent data from the United States Chamber of Commerce, there were more than 30 million small businesses operating in the U.S.in 2018.

"We now know that the first phase of the PPP was underfunded, and many who need it most, haven't gotten any assistance", said Shake Shack founder Danny Meyer an open letter on LinkedIn. This will be the fourth in a series of bills to address the health and economic hardships resulting from the COVID-19 pandemic.

However, that number could drop drastically, due to business closures related to COVID-19.

Calling it "an interim emergency funding package", the Democratic leaders pledged to advance a larger bill, which could include another round of direct payments to households as well as more aid to state and local governments, as soon as the House of Representatives passes the relief package, likely on Thursday.

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