US Poised to Revamp Its Aid Programme for Small Businesses to Deal with COVID-19 Fallout – WSJ

In April, US President Trump signed a multibillion relief bill to deal with the economic repercussions of the coronavirus pandemic, providing funding for small businesses, hospitals, and testing.

The United States is looking to refurbish its Paycheck Protection Programme (PPP) to withstand the economic impact of the coronavirus outbreak, The Wall Street Journal reported on Sunday.

Lawmakers familiar with the matter revealed to the daily that the reform will include providing businesses with more leeway to spend funds. It will also extend the time to spend the loan money beyond the two months set by the PPP.

The PPP is a loan programme that keeps American small businesses on an eight-week payroll through 100 percent federally guaranteed loans.

The $350-billion programme stems from the larger Coronavirus Aid, Relief, and Economic Security (CARES) Act, which is a massive COVID-19 monetary aid package.

Both measures are designed to mitigate the ramifications of the coronavirus outbreak in the United States. The country remains the most badly-hit in the world, counting 1,409,452 infected and 85,860 deaths, according to the latest update by the WHO, published at 9:01 a.m. CEST.

Sourse: sputniknews.com