Paycheck Protection Loan Program For Small Businesses Roll Out Falters As Banks Seek Clarity

Banks have been delaying their Paycheck Protection Program Loan programs, which were a major feature of the coronavirus economic relief package that passed last Friday designed to support small businesses.The $349 billion program provides businesses with less than 500 employees up to $10 million in low-interest loans. Small businesses, self-employed, freelancers and gig workers are all eligible to apply. The loans featured no collateral, deferral of payments for six months and partial forgiveness if the money was spent on certain operating costs within the first eight weeks.Treasury Secretary …

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