Head of the line: Big companies got coronavirus loans first

Head of the line: Big companies got coronavirus loans first
By JOYCE M. ROSENBERG AP Business Writer
NEW YORK (AP) — Ever since the U.S. government launched its emergency lending program for small businesses on April 3, there have been complaints that bigger companies had their loans approved and disbursed more quickly. There is now evidence to back up those complaints. An Associated Press analysis of Small Business Administration’s Paycheck Protection Program shows that nearly a third of the loans approved in the program’s first week ranged from $150,000 to $10 million, the maximum allowed. In a second round of funding that began April 27, such loans made up just 7.4% of the total.