Without the rush to secure money before it dried up and the constant rule changes, the latest round of the U.S. Small Business Administration’s Payroll Protection Program is mostly rolling along as intended, local bank officials said.
While the original program was designed to help businesses of 500 employees or fewer keep their workers off unemployment rolls, the second round is more targeted to even smaller companies and those hardest hit by the coronavirus pandemic.
The latest version provides more money to restaurants and hotels. To qualify, businesses must have fewer than 300 employees and the owners must be able to show a 25% drop in revenue from any
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