Support for LAist comes from
We Explain L.A.
Stay Connected

Share This


$349B In Coronavirus Stimulus Loans For Small Businesses Could Run Out Fast

A sports merchandise store announces temporary closure in Los Angeles, California on March 17, 2020 as the coronavirus epidemic leads to restaurant and school closures. (Frederic J. Brown/AFP/Getty Images)
LAist relies on your reader support.
Your tax-deductible gift today powers our reporters and keeps us independent. We rely on you, our reader, not paywalls to stay funded because we believe important news and information should be freely accessible to all.

Today is the first day that struggling small business owners can apply for help from the Paycheck Protection Program, which is part of the massive stimulus package passed by Congress last week. The program set aside $349 billion in loans to businesses affected by coronavirus.

While $349 billion sounds like a lot, many people are worried the money will be gone within days, or even hours.

Leon Blankstein, who heads the American Business Bank in downtown L.A., said it's a race to get loan applications in before the money runs out.