Understanding the Paycheck Protection Program

By artappraiser on Fri, 04/03/2020 - 4:36am |

The Paycheck Protection Program is a critically-needed lifeline for American small businesses. EIG's @LettieriDC summarizes the program and explains why Congress may need to do more: https://t.co/FEkDnuRDql
— Economic Innovation Group (@InnovateEconomy) March 31, 2020

URL:

https://eig.org/news/understanding-the-paycheck-protection-program

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Click on and like or retweet so that this gets more coverage. This is not what Congress intended:

Wow. This is a major story going on where the banks are hijacking these loans to cover businesses with existing debts with them. Media needs to pick up. https://t.co/BCP6E1P48F
— Ben Tribbett (@notlarrysabato) April 3, 2020

by artappraiser on Fri, 04/03/2020 - 7:47pm

So this was a big change made in the PPP rules last night.

The Treasury guidance said that 75% of each loan must be used for payroll costs. Not just 75% of what's forgiven, but of the whole loan.

This makes it a considerably worse deal for businesses that are entirely closed. pic.twitter.com/SbfkYw0DUT
— Jordan Weissmann (@JHWeissmann) April 3, 2020

Paycheck Protection Program rollout so far a train wreck. Chase is down, BofA is prioritizing business lending clients, smaller local banks not ready yet. What a mess. #PPPloan #fintwit #CARESAct
— Stephanie Sammons CFP® (@StephSammons) April 3, 2020

"In terms of scope and structure, the PPP is "uncharted territory," said Sandy Baruah, president and CEO of the Detroit Regional Chamber and an SBA administrator under former President George W. Bush." Read more: https://t.co/v3OhZEIDhP
— Detroit Chamber (@DetroitChamber) April 3, 2020

So #ppploan is off to a terrible start. I was able to apply via Bank of America but hearing they are letting you apply only to tell you you aren't eligible. Now I'm worried we might not get approved. Anyone know of options besides your current bank? Or you SOL?
— Nomadic Matt (@nomadicmatt) April 3, 2020

by artappraiser on Sat, 04/04/2020 - 1:17am

Good. PayPal and other nonbank lenders being considered for SBA lending, but engagement with @federalreserve will be key. Expansion to community banks seems promising. Engaging Amazon to speed up processing is good news; hope it leads to permanent change. Still need more $ fast. https://t.co/AGHWdBjGTA
— Lisa D. Cook (@drlisadcook) April 4, 2020

by artappraiser on Sat, 04/04/2020 - 9:25am

Note Lisa D. Cook is former Obama WH aide and an economist retweeting Marco Rubio attempts to fix problems favorably.

by artappraiser on Sat, 04/04/2020 - 9:32am

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