Disaster. Fiasco. Debacle. That’s how the rollout of the Paycheck Protection Plan is widely described.
Banks each have different online processes and require different documentation to meet federal guidelines. Most banks are only accepting applications from existing customers; at least one bank limits applications only to those with business accounts, wrongly shutting out those sole proprietors with only personal accounts.
I have yet to hear of a small business whose owner has actually been told they’ve been approved or has received any money. A broader “CARES 2” package is already being discussed and the idea has bipartisan support. I hope that in that package, America will get a real “Small Business Survival” program, not just a program to protect paychecks, including:
• Forgiveable loans for operating expenses. PPP requires at least 75% of funds to be used for ‘payroll costs.’ But many businesses have bigger operating expenses—rent, inventory, equipment leases, insurance, and more.
France Dernières Nouvelles, France Actualités
Similar News:Vous pouvez également lire des articles d'actualité similaires à celui-ci que nous avons collectés auprès d'autres sources d'information.
How to Apply for a Small Business Loan Through the Coronavirus Stimulus PackageThe $2 trillion stimulus package allocates $350 million for the Paycheck Protection Program.
Lire la suite »
New Yorkers Step Up to Help Mom-and-Pop BusinessesOne New Yorker says he is partly motivated to help mom-and-pop shops for selfish reasons: 'If all these stores go out of business, what happens to your neighborhood life and property values?”
Lire la suite »
Marketwatch DiscoverThe optimism of small businesses in the U.S. economy suffered the biggest decline in March in 37 years — and due to the deepening coronavirus crisis that record is sure to be broken again very soon, the National Federation of Independent Business said.
Lire la suite »
Outages and delays mar new small business loan programThe system the Small Business Administration is using to establish coronavirus relief loans was not functioning for most of Monday, banking executives said.
Lire la suite »
U.S. to Block Iran’s Request to IMF for $5 Billion Loan to Fight CoronavirusThe U.S. plans to block Iran’s requested $5 billion emergency loan from the International Monetary Fund for funding Tehran says it needs to fight its coronavirus crisis.
Lire la suite »
The battle against coronavirus will last a 'very long time,' says Singapore ministerThe consequences of the coronavirus crisis will likely to be far more serious than the global financial crisis, said Singapore's home affairs minister, K. Shanmugam.
Lire la suite »