As businesses began feeling the harsh economic impacts of coronavirus, they started competing for a piece of a massive federal forgivable loan program.
But many without professional help failed to get their applications in before the money was depleted. bit.ly/3cGqsIA
But many without professional help failed to get their applications in before the money was depleted. bit.ly/3cGqsIA
2/ “You are flying solo. ... It’s basically beating on the door," said small business owner Tamara Morton Johnson, "Each bank has its own rules and its own guidance."
Banks were expected to handle the loans in the process, serving as middle men. bit.ly/3cGqsIA
Banks were expected to handle the loans in the process, serving as middle men. bit.ly/3cGqsIA
3/ Some say the first round of money was used up by larger enterprises, leaving some small companies — already competing by the millions — to fall through the cracks.
The issue came down to a simple question: "What is a small business?" bit.ly/3eOlkEm
The issue came down to a simple question: "What is a small business?" bit.ly/3eOlkEm
4/ In other federal contexts, like Obamacare, a small business is a company with fewer than 50 employees. But in this legislation, Congress classified a small business as any company that has fewer than 500 employees at any one location. bit.ly/3eOlkEm
5/ Legislators knew the fund would need refilling, but the speed at which it ran out left all involved stunned.
So Congress approved $484 billion to temporarily replenish about $320 billion into the forgivable loan fund earmarked for small businesses. bit.ly/2xNhvPe
So Congress approved $484 billion to temporarily replenish about $320 billion into the forgivable loan fund earmarked for small businesses. bit.ly/2xNhvPe
6/6 “This bill replenishes crucial help for Main Street businesses and local health care providers while devoting more resources to producing more tests...," said US Rep. Kevin Brady. “Those are our immediate, urgent priorities.” bit.ly/2xNhvPe
