To Fund Its Infrastructure Deal, Congress Is Stealing $38 Billion in Small Business Relief Funds inc.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from inc.com Daily Mail and Mail on Sunday newspapers.
About $8B still available through community financial institutions, aimed at women, minorities and underserved groups
The federal government’s Paycheck Protection Program ran out of funding for most small businesses on Tuesday, nearly four weeks early, but about $8 billion is still available through community financial institutions, which lend to such underserved groups as women and minorities.
Congress allocated $292 billion for the most recent round of the popular Paycheck Protection Program and in March extended the application deadline to May 31.
Nearly all of that money was exhausted as of Tuesday, the Small Business Administration, which runs the program, said in an alert to lenders and their trade groups.
General Motors Reports $3 Billion Profit Despite Chip Shortage: Live Updates nytimes.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from nytimes.com Daily Mail and Mail on Sunday newspapers.
Fox News Profits Grow Even as Viewership Declines
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Lachlan Murdoch, Fox Corporation’s chief executive, claimed victory as Fox News “reclaimed its leadership position as America’s No. 1 cable news network.”Credit.Mike Cohen for The New York Times
Fox News, the cable news giant controlled by Rupert Murdoch, kept its parent company flush in the first three months of the year, notching a slight gain in profit and sales despite a drop in viewers.
Altogether, Fox Corporation beat Wall Street expectations with a sevenfold increase in profit to $567 million and a 6.5 percent drop in revenue to $3.2 billion compared with the same period a year prior. A change in how the company valued some of its assets was a key reason for the profit surge. Investors were looking for a $332 million profit and $3.1 billion in sales.
The Paycheck Protection Program is out of money.
President Biden signing a law in March to extend the Paycheck Protection Program through May 31, with Vice President Kamala Harris, left, and Isabel Guzman, the administrator of the Small Business Administration.Credit.Doug Mills/The New York Times
May 4, 2021
Four weeks before its scheduled end, the federal government’s signature aid effort for small business ravaged by the pandemic the Paycheck Protection Program ran out of funding on Tuesday afternoon and stopped accepting most new applications.
Congress allocated $292 billion to fund the program’s most recent round of loans. Nearly all of that money has now been exhausted, the Small Business Administration, which runs the program, told lenders and their trade groups on Tuesday. (An earlier version of this item misstated that the actions it described occurred Wednesday.)