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$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)
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.
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