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.
I just spoke with my banker and he sent me some information to get started. He also said that it’s not quite ready yet but will be soon. He wasn’t upset at all. Maybe OP…you need a new banker?
Seems like they are sticking with it. They took my application.
The issue with waiting until more clarity is given, is, the guidance last night clearly states the program is first come first serve. Our accountant firm thinks they will run out of money very quickly based on the demand they are sensing.
Most banks are only working with existing clients first, so you can’t easily bank shop for this.
Keep in mind all of the asses out there that will attempt to take advantage of this for inappropriate reasons. The only reason we have so many laws is because there are so many asses among us. I just sent my accountant what my banker sent me and he’s now given my office manager instructions of what to prepare ahead of time so that the processing time is minimized.
I agree my friend. That’s good advice to all small business owners.
Writing the regulations and requirments for this is happening at lightning speed.
You do realize that don’t you?
How long would it typically take to have the requiments, limitations, and verification prodeedures put into effect in normal times for a NEW program?
But someone familiar with the process wouldn’t have promised it to be ready today at noon.
They also wouldn’t have claimed things like “the rate will be .5%” without really thinking that through. Last night they changed that to 1%.
My point is, this is in fact exactly trump’s style - promise this and that, then try to hammer it out But as we’ve seen so many times, you can’t always do want he claims he wants to do.
I will say, if the program works as designed, and we all get the loans forgiven, it is a great program and a big help.
I think it could have much more easily been implemented, but hey, it is what it is.
Funny that…congress only pass this about week ago and Trump signed it. They had 1 week to prepare for it.
Meanwhile Obamacare had 3 or 4 months to plan on start of Obamacare and yet his administration bungled that all to get go…and libs said nothing. Saying this stuff is normal when new programs as large as it starts.
There are no “delays” at this point. “Huff Post” is degenerate and ridiculous.
President Trump signed the CARES ACT on March 18th. and applications for small business start today.
The only delay was the Pelosi ■■■■ show.
Applications are already going in starting today April 3rd. The process takes very little time, assuming you already have your personal business and payroll records for past year available, It takes very little time to do the application. Very organized and simple…
This bill was passed what, about a week ago? And trillions of dollars to hand out?
Its like every other complaint. The administration is faced with a unique situation and people who have no idea what to do have the time to sit around and say You should do this faster! You should do this better!..
