Stimulus aid for 'small business' will go to some big chains
Copyright 2020 The Associated Press. All rights reserved.
Ted S. Warren/AP
FILE - In this Monday, March 30, 2020 file photo, Phu Dang, left, the owner of i5 Pho restaurant, gets help from a contractor as he boards up his business in Seattle's downtown Pioneer Square neighborhood. Dang closed his business to dine-in customers earlier in the month and had tried doing takeout only food in response to the COVID-19 coronavirus pandemic, but he said his location did not attract enough customers for take out and he decided to fully close for the time being. He said his decision to board up came after a nearby business was broken into over the weekend. (AP Photo/Ted S. Warren)
The Associated Press
Posted at 1:05 PM, Apr 02, 2020
and last updated2020-04-02 14:05:28-04
IOWA CITY, Iowa (AP) — As the federal government prepares to launch a $349 billion loan program meant to help small businesses survive the coronavirus pandemic, critics have growing concerns that some mom-and-pop shops might get squeezed out.
The Paycheck Protection Program was billed as a way to help local businesses retain workers and pay bills.
But an expansive definition of "small business" in the law means that it will be open to much more than just Main Street shops when lenders start processing applications Friday.
Operators of name-brand hotel, restaurant and service chains and franchises with thousands of employees at scores of locations are eligible.
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