April 18th Poll: CARES Money Starts To Get To Business Owners In Need
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Lets talk about the Payroll Protection Program grant/ loans? Small businesses with lower payrolls represent a low yield of payoff for the banks handling these grants. The bank gets a fee that is a percentage of the loans managed, so the firms with highest payrolls allowed to apply produce the largest fees. That's is likely to be why so few business owners of the really small variety have seen SBA/PPP grants approved.
2 Replies
Jodie Bland
from Workforce Health and Safety
As disgusting as that sounds, I firmly believe you just nailed one of the problems that I haven’t heard anyone else mention.
Lisa Cox
from Gem City Fine Foods
Yes, I suspect that's a big part of the problem. Frankly, I was floored that we received approval- no money yet. A small amount, but huge for our real small business (4 FT 4 PT employees.)
Ray Cross
from Bushwick Print Lab
A friend wrote this similar analysis for Medium: https://medium.com/daringdepravity/what-happene...
Malka Nagel
from A Pet Villa
I believe that too. Why waste so much time and energy on small businesses. Easier to dole out a lot of money to a few that a little money to many.