IOWA CITY, Iowa (AP) — As the federal government prepares to launch a $349 billion loan program meant to help small businesses survive the coronavirus pandemic, critics have growing concerns that some mom-and-pop shops might get squeezed out.
The Paycheck Protection Program was billed as a way to help local businesses retain workers and pay bills.
But an expansive definition of "small business" in the law means that it will be open to much more than just Main Street shops when lenders start processing applications Friday.
Operators of name-brand hotel, restaurant and service chains and franchises with thousands of employees at scores of locations are eligible.
