Stimulus & Bailout Watch Thread

88m3

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NEW: The Payment Protection Program, which offers businesses forgivable loans if they devote most of the cash to keeping workers on payroll, is on track to already be exhausted of funds by next week after just being replenished.

The first round of the program burned through its $349 billion limit in under two weeks, leaving small businesses scrambling.

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THEHILL.COM

Just replenished coronavirus small business loan program could be exhausted by next week
The first round of the program burned through its $349 billion limit in under two weeks, leaving small businesses scrambling.
 

88m3

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Unlike other portions of the relief for American business this aid will be exempt from rules passed by Congress requiring recipients to limit dividends, executive compensation and stock buybacks and does not direct the companies to maintain certain employment levels.

Critics say the program, set up jointly by the Federal Reserve and Department of Treasury, could allow large companies that take the federal help to reward shareholders and executives without saving any jobs.

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The U.S. plans to give $500 billion to large companies. It won’t require them to preserve jobs or limit executive pay.
Critics say the program, set up jointly by the Federal Reserve and Department of Treasury, could allow large companies that take the federal help to reward shareholders and executives without saving any jobs.
 
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