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Big universities, others to return $350M of PPP loans: coronavirus briefing

Apr. 23, 2020 6:53 PM ET|By: Liz Kiesche, SA News Editor

Harvard University, Stanford University and Princeton University are sending back loans they obtained through the Payroll Protection Program meant for small businesses, President Trump said at the White House coronavirus task force briefing.

A number of companies are also sending back their loans, and “in some cases, I have put a stop on payment,” he said. That adds up to $350M of loans that are being returned to the SBA to be redeployed to small businesses, he said.

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Trump said he may extend national social distancing guidelines until early summer “until we feel safe.”

If a vaccine succeeds in trials, production will scale up very quickly, since some companies, including J&J (NYSE:JNJ), are already scaling up while the vaccines are still in trials, he said.

The U.S. has 856K confirmed COVID-19 cases and 47K deaths, according to the Johns Hopkins University. Coronavirus Resource Center.