Small businesses, slammed by coronavirus, plead for quick help
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Source: Politico
U.S. lawmakers are moving to give a cash infusion to small businesses that have been hammered by the economic fallout from the coronavirus pandemic, but the industry is already sounding the alarm that it won’t be enough.
The $349 billion contained in the Senate version of the stimulus package — which stalled in Congress on Sunday — would guarantee private-sector loans to companies through the Small Business Administration, freeing up more funds for outfits struggling to keep their head above water as revenue evaporates.
But small-business owners and trade groups warn that the money is probably not sufficient and that it’s not likely to get to those most in need fast enough. Others wonder whether enough help can be distributed to a sector that’s so vulnerable because so many businesses have no cash cushion.