When Congress passed the$2 trillion stimulus to help the country weather the coronavirus outbreak, it created the Paycheck Protection Program (PPP)—a $349 billion fund for small businesses with 500 or fewer employees. If the business uses more than 75 percent of the low-interest loan to keep paying employees, then the entire amount is forgiven. In less than two weeks, it was completely out of money, and the Small Business Administration website is refusing any new applications until Congress manages to replenish it. That seems likely to come through in the near future, since Treasury Secretary Steve Mnuchin said a $300 billion deal is set to close soon, according to NPR. But more money won't solve one of the fundamental problems with PPP—it's not just small businesses that can make a grab for these small-business loans.
According to the latest SBA report, North Carolina's banks have provided $8 billion in#PPPloans to 39,520 small businesses. Were you left out? We want to know.