"widely recognized that it will likely not be enough to meet the extreme need and demand." The federal program meant to help small businesses survive the pandemic by providing loans to cover payroll, is off to another rocky start.
The PPP, by design, is a Rube Goldberg machine of economic stimulus: designed by Congress, revised by the Treasury, executed by banks, received by companies. Each of these groups have their own incentives and concerns. And in speaking with banks, lawyers, and business owners, Business Insider discovered that Washington wrote a check that Wall Street couldn't cash.
Our finance and small business reporters and editors teamed up to parse through legal and regulatory documents, review internal memos, speak on background with numerous sources, and interview entrepreneurs and experts for the record, including:, cofounder and co-CEO of Instinct Dog Training Inc. in New York, and, who runs the North American Financial Services industry practice at Protiviti, a consulting firm that has been helping banks design and implement their PPP platforms.
Here's what we know already happened with the first round of funding, why it happened, and what it all means for the next round.
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