We Must Stand With Small Businesses

Joanna Estrada
April 16, 2020

"They're just trying to help us too".

White says, as with any federal government program, there are hoops to jump through and it could get complicated.

The PPP is constantly changing, according to local bankers. The program allows small businesses and nonprofits, sole proprietors and independent contractors to access SBA emergency loans through SBA lenders or federally insured banks. "And so, I hope this next go around, we'll redirect some that in the EIDL", Fleming said. But then later clarification from SBA limited the advance to $1,000 per employee with a maximum of $10,000.

All businesses affected by COVID-19 that were operating on or before 2/15/2020 and that meet the Small Business Administration's size standards may apply. Through the end of Tuesday, Metairie Bank had funded $10 million in loans and has another 200 applications in line to be processed, he said. Most disaster loans issued in Alexandria were never paid back in full, according to records received in a public-records request, and a 2012 report from the SBA's inspector general showed taxpayers were owed $171 for delinquent disaster loans.

As concerns rise that a $349 billion federal forgivable loan program will soon run out of funding to disburse, some New Orleans-area business owners say they haven't been able to submit applications yet. Who knows how to do it best? They can apply directly to the SBA without going through a bank. Applications are coming from everything from nail salons and barbershops to childcare facilities and professional photographers - all of whom have seen their business models destroyed by quarantine. Those loans totaled over $590 million.

Bank officials could not be immediately reached for further comment.

Banks in Madison County, like many in the country, only accept PPP applications from their current customers. "But we're prioritizing our existing customers first". Sparsely settled North Dakota scooped up more than $1.3 billion in loan approvals. QuickBooks Capital will automate much of the application process so small businesses and other eligible applicants get relief quickly.

Jim Tubbs, State Bank of Cross Plains (SBCP) President and CEO, and Ken Thompson, Capitol Bank (Capitol) President and CEO and chair-elect of the Wisconsin Bankers Association explained how the PPP loans work, and how business owners can potentially have 100 percent of the loan forgiven by the SBA.

"We are now testing the effectiveness of our submission process with a small number of existing business banking customers", the website said.

Unlike many of those large financial firms, fintech companies had spent weeks expressing their eagerness to help with the program. "We are getting it done, but it's definitely a challenge because it affects so many people and the government's time frames are so tight".

Other reports by Click Lancashire

Discuss This Article