Payroll giant Paychex is partnering with Biz2Credit, Fundera and Lendio to help small businesses apply for the new funding offered by the U.S. Small Business Administration’s Paycheck Protection Program.
Treasury Secretary Steven Mnuchin says the additional funding Congress approved Thursday to help small businesses survive the coronavirus pandemic should be the last round, but advocates fear it’ll run out quickly and won’t be enough for mom-and-pop shops struggling to stay open.
Lawmakers should approve a program to distribute stimulus funds using a government-sanctioned coin, which would be speedier than the current system.
The program, created in response to the 2008 financial crisis, generated $19 billion in small-business loans. It could be used as a viable path out of the coronavirus pandemic.
The House is expected to vote later this week on the bill expanding emergency relief for small businesses reeling from the effects of the coronavirus.
Small banks are a lifeline for many local businesses and should be given first crack at distributing funds from a continuation of the federal stimulus program.
The SBA’s Paycheck Protection Program is nearly depleted, but there are ways small banks and fintechs, with help from Congress, can remedy the situation.
Small businesses are dealing with frustrating delays and changing guidance in applying for and receiving help from the Small Business Administration in its new Paycheck Protection Program.
I’ve spoken to many owners of, and partners in, small firms and see an optimistic future.
The government should encourage community lenders to offer six-month loan repayment forbearances to struggling businesses before it’s too late.