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.
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