The PPP, which ran out of money last week, is created to provide loans for small businesses to keep their workers on the payroll during the coronavirus outbreak. Many of those small businesses-with 500 or fewer employees- such as restaurants, beauty salons, florists shops, pet groomers, plumbers, auto mechanics, provide needed community services.
According to a report by the Wall Street Journal , Fogo de Chão received two loans through the PPP, each worth about $10 million. "The next round of funds must be focused on small businesses, with better oversight and transparency". "Many of these companies are stuck in limbo waiting for this additional funding". A representative for the Small Business Administration confirmed the leak to Business Insider , saying that a total of 7,913 applicants' information was potentially exposed.
But the Paycheck Protection Program ran out of funds in two weeks. The California Democrat admitted, however, that Democrats rejected a plan by McConnell to simply extend loan funding for small businesses and proposed even more small business funding as well as money for hospitals and coronavirus testing .
West Texas Intermediate was up $2.05, or 18 per cent, at $13.62 a barrel by 0034 GMT. "The dive below zero was more than just a technical quirk and could repeat itself if storage constraints intensify", said Stephen Brennock, an analyst at broker PVM Oil Associates in London.
That program was beset by problems from the outset, with a huge portion of small business owners failing to secure the forgivable loans through banks even with prompt applications in the program's earliest moments. Jovita Carranza, head of the Small Business Administration, speaks as U.S. Treasury Secretary Steven Mnuchin listens during a news conference on April 2.
June Brent crude oil is at $21.29, down $4.28 or -16.74%. A lack of demand due to coronavirus lockdowns has already led to USA storage space swelling with oil to its limits. Observers are now looking to the June contract-which expires on May 19-to try and gauge how long the low prices could last. Cushing, Oklahoma, the tiny town of less than 10,000 people that serves as the main US storage hub, was 70% full as of last week, and traders say it will be full within two weeks.