Shark Tank's Barbara Corcoran is frustrated Republicans and Democrats aren't doing more to help businesses.
Shark Tank’s Barbara Corcoran hasn’t been shy with her criticism of the government’s aid for small businesses during the coronavirus shutdown.
And business owners are pushing for two key tweaks to the program. First, businesses wish to use the government funding over a period of time longer than just the mandated eight weeks. Second, businesses are also asking to no longer dedicate at least 75% of PPP money to payroll costs and instead are looking to direct some funds to rent and other expenses.
Some businesses that received PPP loans, which effectively become free government grants if all restrictions are satisfied, haven’t spent anything out of fear they won’t be able to meet the current rules. As Portland, Ore. restaurateur Naomi Pomeroy told Yahoo Finance, those restrictions have made her not tap the $175,000 her business received.
Given that alignment seems to be there, and the fact that Sen. Marco Rubio has also already voiced his support for the tweaks as well, Corcoran stressed her frustration that Congress hasn’t been able to issue the fix yet as businesses weigh difficult decisions to stay afloat.
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