"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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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.🙀👍
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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
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