The $349 billion Paycheck Protection Program is supposed to aid employers that are small the pandemic. But whether it can is not clear.
Whenever Joseph Levey logged directly into Chase Bank’s financing portal early Tuesday, he hoped he’d finally have the ability to submit their legislation firm’s application for the stimulus loan that is federal. He’d been trying considering that the past Friday.
“One for the C.P.A.s we make use of had been home that is just heading 6 a.m.,” stated Mr. Levey, founding partner associated with the Manhattan company Helbraun Levey. “Chase’s application portal didn’t available until Monday night, and it also kept crashing.”
A $349 billion relief program that Congress authorized to help them survive the pandemic and keep their employees on the payroll like Mr. Levey, small-business owners around the country are racing to secure their portion of the Paycheck Protection Program.
Since the loans are very very first come first served, many companies are panicked that the funds will come to an end before their applications are authorized. Also, they are racking your brains on precisely what this program does, and whether or not the terms add up or if they ought to lay their workers off despite currently skyrocketing jobless claims.
Mr. Levey effectively presented their application. But he nevertheless had hundreds more applications to register — with Chase alone — with respect to their customers, several of whom have been in the hospitality and cannabis companies.
Treasury Secretary Steven Mnuchin stated on Tuesday which he had expected lawmakers for an extra $250 billion for the payroll program, however it had been as much as Congress to allocate any extra capital. Continue reading Keep Workers On, or Lay Them Off? Small Enterprises Face Rough Alternatives