By Joyce M. Rosenberg
The Associated Press 

Head of the line: Big companies got coronavirus relief loans first

 

Last updated 7/24/2020 at 3:56am

In this Friday, July 17, 2020, file photo, Jovita Carranza, administrator of the Small Business Administration, speaks before a House Small Business Committee hearing on oversight of the Small Business Administration and Department of Treasury pandemic programs on Capitol Hill in Washington. Pool via AP photo/Kevin Dietsch file photo

Ever since the U.S. government launched its emergency lending program for small businesses, April 3, there have been complaints that bigger companies had their loans approved and disbursed more quickly.

There is now evidence to back up those complaints.

An analysis by The Associated Press of the Small Business Administration's $659 billion Paycheck Protection Program showed that nearly a third of the loans approved in the program's first week ranged from $150,000 to $10 million, the maximum allowed. In a second round of funding that began April 27, such loans made up just 7.4% of the tota...



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