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U.S. President Donald Trump’s administration said on Monday that the small business pandemic aid program worth $660 billion was as a “wild success.” The data showed that 51 Million jobs for America’s small businesses were saved.
The Paycheck Protection Program (PPP), overseen by the Small Business Administration (SBA), was given to small businesses such as hotels, restaurants, professional firms, and construction companies that were severely affected by the economic fallout from the coronavirus pandemic.
According to the Wall Street Journal’s data analysis, more than 90 industry sectors had more than 10,000 firms approved for PPP loans.
“These PPP loans are all about paying employees, so any expansion or increased funding measures were aimed at helping employees of franchisees stay employed. The whole program was designed to keep people off of unemployment,” U.S. House of Representatives’ Communications Director Miranda Dabney said.
Oil traded higher on Friday, further reclaiming lost ground from three-week lows in the previous session as the COVID-19 situation continued to dent the global economy as well as oil consumption. Brent crude gained 0.3%, trading at $43.08 ...
On Thursday, the United States’ Gross Domestic Product (GDP) suffered the biggest economic decline in the second quarter as the surge of coronavirus cases affected the whole country. The U.S. government decided to shut down restaurants, ...
Britain on Wednesday signed a supply deal for up to 60 million doses of a possible COVID-19 vaccine that is being developed by pharmaceutical companies GlaxoSmithKline (GSK) and Sanofi. The financial details of the agreement were not disclosed. However, ...
Oil prices gained for the third day on Tuesday, supported by a bounce in demand from efforts to lift the U.S. economy as it struggles to recover from the coronavirus pandemic. Prices were also buoyed by a weakening dollar, making it ...
The dollar fell again on Tuesday as the U.S. economy drops into stagnation, while investors await the latest outlook from the Federal Reserve and the passage of the U.S. coronavirus fiscal stimulus. The dollar’s decline lifted gold prices ...
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