NEW YORK (AP) — Billions of dollars offered by Congress as a lifeline to small businesses in the pandemic are about to be left on the table when a key government program stops accepting loan applications.
Business owners and advocacy groups complain that the money in the Paycheck Protection Program was not fully put to work because it created obstacles that stopped countless small businesses from applying.
For those that did seek loans, the ever-changing application process proved to be an exercise in futility.
A report from a research group says the program’s shortcomings also made it more difficult for minority businesses to get loans.
The last day for applications to the Paycheck Protection Program is June 30.