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April 6, 2020
NEW YORK The federal government’s relief program for small businesses was off to a slow start Friday, with only some businesses able to apply and several banks either not accepting applications or seeing long waits to do approvals.
Millions of small businesses are expected to apply for these desperately needed rescue loans from the $349 billion Paycheck Protection Program, which was put in place to help them retain workers and pay bills during the coronavirus pandemic. Roughly 5,200 loans valued at $1.8 billion have been processed so far, said Jovita Carranza, administrator of the Small Business Administration, on Friday afternoon.
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