with Brent D. Griffiths
The Senate just passed a new infusion of cash for the small business loan program designed to keep businesses afloat as the coronavirus pandemic batters the economy.
But economists and banking industry leaders already want to know: is the new $310 billion for the Paycheck Protection Program – which brings the total for PPP to $660 billion – big enough?
Many big-bank executives and lobbyists point to their knowledge of those still waiting in line and say it is not. Some economists point to back-of-the-envelope estimates of the need and say the new funding should at least be close. Either way, they agree, the money probably will go fast, so the answer should be at hand soon, too.