A report from the Census Bureau finds that three out of four U.S. small businesses have sought financial assistance through the Small Business Administration’s Paycheck Protection Program, but data show that just a fraction of those have received funding.
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The state of play: While the first iteration of the PPP exhausted its $349 billion of capital in two weeks, the second round of the program still has nearly 40% of its funding left, almost three weeks after being launched.
What it means: There are more than 30 million small businesses in the country but just under 6 million have gotten the loans. That means it’s likely many in need of funding haven’t been able to get it or have chosen not to pursue it.
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