Technical hitches and confusion at SBA delays small business loans

09 Avril, 2020, 04:38 | Auteur: Therese Cote
  • Confusion over PPP eases as Fed Reserve backs loans

"While a business may apply for both PPP and the EIDL loans, and may be approved for both, keep in mind the programs are created to work together and the total loan amount for both programs will be considered by the SBA when approving requests for each business", says Rawly Gorman, Town & Country Bank Vice President/Branch Manager.

The lifeline of loans that should go to business owners and freelancers through the Paycheck Protection Program has been introduced to help companies keep their workers or get new help to keep companies afloat in difficulties. As applications are processed and approved, the U.S. Small Business Administration (SBA), in consultation with the U.S. Department of the Treasury, continues to issue further guidance regarding the implementation of the PPP.

Pelosi said, however, that Democrats will demand certain conditions on new funding for small-business loans amid the coronavirus pandemic to ensure that minorities and underserved communities aren't left out of the program, The Hill reported, citing a Pelosi interview with CNN.

The 30 million small businesses in the USA employ half of the private work force, and many have been forced to close amid stay-at-home orders. Bender is a staff member for U.S. Senator Marco Rubio (R-Florida), chairman of the Senate Small Business and Entrepreneurship Committee, which drafted the legislation creating the PPP. NY time on Tuesday, it has received more than 275,000 applications valued at $75 billion since the program went into operation.

Walsh believes the SBA's enforcement division will "punish people" who take loans they don't need.

Although President Donald Trump has said that the rollout has been "flawless" and had only a "few glitches", there have been widespread reports of problems, confusion and delays. This loan advance provides up to $10,000 of economic relief to businesses that are experiencing difficulties due to temporary loss of revenue.

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Senate Minority Leader Sen. As part of the "Paycheck Protection Program", most or all of the loan would be written off if the borrower retained its workers and didn't cut their wages, with the government repaying the banks for the forgiven portions of the loans. Local independent banks include Uwharrie and Aquesta. The SBA provides a number of loan resources for small businesses to utilize when operating their business. They also looked into applying for PPP assistance, but were encouraged by their bank to explore other lenders. As of Monday, the SBA was still tweaking the program. None are helping him, most because he doesn't bank with them, he said.

On Tuesday, Greg Ferraris, a Sag Harbor accountant, said the federal aid programs are essential to help Main Street businesses recover. "We'll have to wait in line behind businesses that are in big cities and have these established accounts".

The county also offers Cecil Catalyst COVID-19 Loan Program that offers amounts of $5,000 to $75,000, but officials said requests ranging from $5,000 to $15,000 are encouraged at this time.

"We're working with our headquarters who have been assigned a person in the field to work with", Fleming said. "It gives business owners a chance to breathe because they won't have to use their own capital to cover their payroll for eight weeks".

A spokesperson for Stabenow said she had not gotten a response to the letter she wrote with Roberts.

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