Coronavirus support is insufficient for small businesses with high rents

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WASHINGTON – The federal government’s $ 660 billion assistance program for small businesses facing the coronavirus pandemic is threatening to leave hundreds of thousands of businesses struggling to survive because of its non-wage spending limits.

The paycheck protection program requires that 75% of the funds be used for employee salaries and no more than 25% for rent, mortgage interest and utility payments. This turns out to be a break for many small businesses with a modest payroll and high rental costs, such as restaurants, lounges …

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