CSPAN2 U.S. Senate Sen. Susan Collins R-ME On The Paycheck Protection Program July 13, 2024
Program during the development of the cares act two months ago. Since its launch in early april, this program has provided forgivable loans totaling more than 510 billion to approximately 4. 3 million small employers across the country. The overwhelming majority of borrowers are very small employers. In phase one of the program, the average p. P. P. Loan size nationally was 206,000. That translates to an average employer size of just 18 employees. As more loans have been approved in phase two, the average loan size nationally has dropped to 118,000, suggesting an average business size of about...