President Donald Trump and Treasury Secretary Steve Mnuchin said the so-called Paycheck Protection Program ― which will allow small business owners to ask banks for government-funded loans that would cover payroll costs and be fully forgiven if the company avoids layoffs for eight weeks ― would launch Friday. But the nation’s biggest banks said they weren’t ready, and half a dozen business owners told HuffPost on Friday that they weren’t able to apply for the loans.
“It’s a lot like banging your head in to a wall and not getting anywhere,” said Scott Cavendish, owner of a craft brewery in Gastonia, North Carolina. “We reached out to four separate banks and all we get is, ‘If you’re interested, put your email here and we’ll contact you.’”
Personally, I am filing for the PPP loan and I can personally attest that the rollout has been bungled.
After following SBA guidance yesterday and finishing our application, SBA issued 32 pages of new guidance that reversed many significant points of the old guidence. Application had to be redone today to get filed at the rollout at noon.
Our bank is on the verge of throwing in the towel and opting out, or delaying participation because the rules have constantly been changing.
Trump’s administration is filled with people who don’t understand government and I thin it shows in things like this.