Banks Aren’t Ready to Handle Small-Business Stimulus Loans | Eater

"Due to start distributing $350 billion in coronavirus-relief loans under the Paycheck Protection Program (PPP), this agency is overseeing government-guaranteed loans for businesses with fewer than 500 employees to cover payroll, rent, utilities and mortgage interest. Loans are capped at $10 million or 2.5 times a business’s average monthly payroll (excluding salaries over $100,000), and can potentially be forgiven—particularly when used for payroll—though final guidance on forgiveness had not yet been issued. The PPP represents a much larger potential lifeline than separate disaster grants of $10,000 available to affected small businesses." - Caleb Pershan