The federal governmentâs Paycheck Protection Program closed to new applications on Friday as funding was on course to be depleted. That marked the end of a $961 billion emergency effort that support millions of small businesses in surviving the pandemic but was determined by fraud claims and criticism that it didnât reach the deprived businesses.The program had been scheduled to end on May 31, but the Small Business Administration on Friday stated in a notice to lenders that âdue to the large volume of originations today, the portal will be closing for new originationsâ that evening.Created by the $2 trillion Cares Act that became law in March 2020, the PPP provided coronavirus aid in the form of loans that could be forgiven provided recipients used the funds to retain workers and on other allowable expenses. The SBA as of May 23 had approved 11.6 million PPP loans totaling roughly $796 billion across the programâs initial round, from April to August last year, and its second round, which started in January. Banks and other lenders issued the loans, which the SBA guaranteed.
Published by
%202.png)
.png)
.png)
Ready to get started?
Start trading with the full package, from state of the art platform to free tool and favorable transaction fees.
All investments involve risks, including the possible loss of capital
ÂŠď¸ MEXEM AFRICA (PTY) LTD (MEXEM AFRICA) is an authorized financial services provider (FSP 48325). All trades on the MEXEM AFRICA platform are subject to the legal terms and conditions to which you agree to be bound.
The MEXEM AFRICA platform enables users to invest in securities. MEXEM AFRICA acts as an agent for the issuance of whole shares, where the investor is the registered owner of those shares, entitled to dividends, participation in corporate actions, and all the economic benefits and risks associated with share ownership.
The availability of any share on the MEXEM AFRICA platform is based on various factors but is not an indication of value and does not mean that any share is an appropriate investment for you. Images are for illustrative purposes only and past performance is not necessarily an indication of future performance.
â
The availability of any share on the browse shares page does not necessarily indicate any contractual relationship between MEXEM AFRICA and the listed company or the payment of fees for services. Brand logos are owned by the respective companies and not by MEXEM AFRICA. The use of a companyâs brand logo does not represent an endorsement of MEXEM AFRICA by the company, nor an endorsement of the company by MEXEM AFRICA, nor does it necessarily imply any contractual relationship. Further investment disclosures are available on the MEXEM AFRICA website.
Read our Forms & Disclosures.
