Lafayette’s oil and gas industry is facing existential challenges that far outstrip the short-term subsidies being offered by the federal government’s coronavirus stimulus package.
Of roughly 1,000 local businesses surveyed between March 19 and March 25, 91% expected revenue to decline.
The ambitious $350 billion Paycheck Protection Program passed by Congress one week ago to help small businesses weather the coronavirus crisis rolls out this morning amid confusion and mixed signals.
Updated federal guidelines for the program were not issued until late Thursday night in a 31-page “interim final rules” document, just hours before the PPP was supposed to begin accepting applications, and most banks are still not ready.
Source: Banks urge patience as PPP rollout gets off to a rocky start
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