The PPP Closes Today With $134 Billion Left

The deadline is today for applying for a small business loan via the Paycheck Protection Program with $134 billion still unused; there is debate within Congress about what to do with the leftover money although there is bipartisan support to use it for more small business relief; one idea posed by Senate Democrats is to allow businesses with 100 or fewer employees to take out a second loan; aides for Senator Marco Rubio (R-FL), chairman of Senate Small Business committee, said a bipartisan task force is working on the next steps to support small business; as of Monday, the SBA had approved 4.8 million loans worth $519.65 billion for the PPP; a survey from the NFIB said that 47% of businesses that took PPP or EIDL loans anticipated needing additional financing in the next 12 months. The Wall Street Journal.

  • Peter Renton is the chairman and co-founder of LendIt Fintech, the world’s first and largest digital media and events company focused on fintech. Peter has been writing about fintech since 2010 and he is the author and creator of the Fintech One-on-One Podcast, the first and longest-running fintech interview series. Peter has been interviewed by the Wall Street Journal, Bloomberg, The New York Times, CNBC, CNN, Fortune, NPR, Fox Business News, the Financial Times, and dozens of other publications.

Sign up for our Newsletters

Every morning the Fintech Nexus News team scours the globe for the most important fintech stories of the day in the daily Global newsletter.

The Europe edition comes out on Monday, Wednesday, and Friday featuring the most important stories in European and UK fintech.

The Latin American newsletter arrives in your inbox on Tuesdays and Fridays. This is a trilingual newsletter featuring stories in Spanish, Portuguese, and English.

Join 20,000 subscribers!

[class^="wpforms-"]
[class^="wpforms-"]