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May 19, 2020

SBA leaves businesses still hoping for more leeway on loans

  • Some owners, fearing they won't get forgiveness, have said they're considering not using the money.
  • By JOYCE M. ROSENBERG
    AP Business Writer

    NEW YORK — Small businesses hoping for more leeway in using coronavirus loan money were disappointed as the government released instructions for seeking forgiveness for the loans.

    Forms the Small Business Administration released late Friday didn't address two concerns shared by many owners about the $659 billion Paycheck Protection Program. According to the instructions, loans can still be forgiven in full only if the money is spent within eight weeks of receiving it. And businesses must use at least 75% of it for workers' pay, with the remaining amount limited to rent, mortgage interest and utility expenses.


     
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