"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.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Nigeria Nigeria Latest News, Nigeria Nigeria Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
How to fix the failed small business loan program - Business InsiderOpinion | Congress' small business loan program failed those who needed it most. Here's how to fix it. By lexir, Megan Niedermeyer, and Jeanette Quick of GustoHQ lexir GustoHQ It was designed to fail or in the alternative it was a scam
Source: BusinessInsider - 🏆 729. / 51 Read more »
Several major US banks are being sued for unfair PPP lending practices - Business InsiderICYMI: Major US banks are being accused of prioritizing higher-value loan applications, rather than processing requests on a first-come, first-serve basis Why would they not? It’s more money for the bank, while at the same time taking care of their bigger customers first. When you know the money will run out, take care of those who take care of you. is anybody surprised? Lol and this is news? Of course they are it's the freaking big banks
Source: BusinessInsider - 🏆 729. / 51 Read more »
Small business owners gear up for another go at anxiety-inducing Paycheck Protection ProgramSmall business owners describe an emotional month of fighting for PPP loans. And again, the banks will profit billions from fees, and major corporations will swipe money from small businesses that employ the hardworking men & women that are the backbone, legs, heart, & soul of the economy. Another well run government massive bloated garbage program going no where .. we can’t buy our way out of the beef and broccoli flu If the money don't come honey PPP and unemployment ya gotta get your ass back to your 7.25 hour job. THIS IS THE MONEY HOLD UP. AND WAKE UP
Source: ABC - 🏆 471. / 51 Read more »
Forbes Firsthand: Critical Small Business Survival StrategiesFew businesses have escaped the punishing effects of the pandemic. Forbes asked some of them to share the experience in their own words 👏🏾👏🏾👏🏾 Meanwhile .... Amazon richers get richer.🙀👍
Source: Forbes - 🏆 394. / 53 Read more »
Bank of America CEO calls for Congress to 'fully fund' small business loan program: 'Just get the work done'Brian Moynihan said Congress should make sure the small business loan program is fully funded so that every business that qualifies can receive a loan. How about funding other smaller banks for loans instead of just the big 5. Midwest town businesses are dying from lack of help. Bastards. Bailouts should be considered wellfare. A damn bank that's supposed have to enough money to survive instead depends on bailouts. They're going to be even more reckless in the years to follow and Trump is just throwing money at the problem sending us further into debt. All bad... 😂😂😂😂, so he can give the money to big companies
Source: CNBC - 🏆 12. / 72 Read more »
Global stocks jump on Bank of Japan stimulus, hope of lockdowns easing - Business InsiderEuropean and Asian stocks and US futures rose on Monday, driven by the promise of government support and economic recovery.
Source: BusinessInsider - 🏆 729. / 51 Read more »