The former Small Business Administration head Maria Contreras-Sweet says she's disappointed by what the agency is now putting small businesses through.
The Small Business Administration’s Paycheck Protection Program , meant to provide emergency grants to businesses that agree to keep employees on their payrolls, reopened its lending activities Monday, but not without more technical glitches.
“I have to tell you that overall I have been disappointed at what we put small businesses through,” Contreras-Sweet told Yahoo Finance in an exclusive interview. “For small businesses, we have been relying on their relationship with the bank, the ability to navigate through the system to complete these applications, to get in touch with their CPAs. So I have to question just the idea of having to have small businesses apply.
“When you do the math, and you are processing a $20,000 loan versus a $10 million loan. Even with the 1% on the larger loan you’re still going to come out further ahead,” she explained. “And so we should have thought about the incentives that we put in place so there was a little more equity in making sure all businesses got treated equally in some fashion.”
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