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As Many Small and Midsize Businesses Struggle, Where Are the Main Street Loans? // November 11, 2020
As small and midsize businesses in the United States struggle to survive the new COVID-19 economic reality, politicians continue to debate when and how they will provide a new round of aid to the lifeblood of the American economy.
When it was launched as part of the CARES Act in late March, the Paycheck Protection Program received immediate interest from borrowers and lenders alike. That mutual buy-in allowed the program to distribute roughly $522 billion to small (and some not-so- small) businesses in desperate need of cash due to the revenue-choking impact of the coronavirus pandemic.
Billions of dollars set aside by the government through the Main Street Lending Program to help distressed companies remain untouched as firms wrestle with the program's complexity and fears over potential regulatory blowback.