Deal 'Close' On Small-Business Relief Program, Officials Say

The transcript discusses the Paycheck Protection Program, initially funded with $350 billion, which quickly ran out of money. A new agreement is near to refund the program with $300 billion for small businesses and $50 billion for disaster loans. The program aims to support businesses with fewer than 500 employees by providing loans that convert to grants if payrolls are maintained. Despite the initial funding, many small businesses couldn't apply. The new program is expected to launch soon, with hopes to address previous challenges.

What was the main reason for the potential refunding of the Paycheck Protection Program?

• To reduce unemployment benefits

• To increase government revenue

• Due to the coronavirus pandemic

• To support large corporations

What was the primary goal of the Paycheck Protection Program?

• To offer loans to businesses with over 500 employees

• To provide grants to large businesses

• To fund new startups

• To support small businesses with loans that could become grants

How quickly did the funds from the first round of the PPP run out?

• Within a few days

• Within minutes of opening

• After a week

• After a month

What was the main challenge faced by small businesses in accessing the PPP funds?

• Lack of interest from businesses

• Complex application process

• Limited funds available

• High interest rates on loans

What was the plan for the new round of funding for the PPP?

• To reduce the number of eligible businesses

• To provide funds by the end of the month

• To increase the loan amount for large businesses

• To have the program up and running by Wednesday