In one of the financial literacy groups I belong to, the banks are making it extremely difficult to obtain the second round. Many are having to apply to multiple banks to try to get approved and this is after having the first round forgiven. It is ‘free money’ if you follow the rules, the PPP is forgiven! Many are finding this second round more confounding than the first round where they kept changing the rules/guidelines.
What congress is saying the goal is, isn’t how the banks and lenders interpret the legislation. This is leading to many small business owners just throwing in the towel and say it’s not worth the hassle to spend 60-80 hours jumping through the hoops.
And with the impending $15 per hour change coming with this next round...and leaders saying if your cannot meet that...you shouldn’t own a business...? It might just be much wiser to unwind your business.
I live in NYS. Upstate. We’re an economic wasteland. Small businesses have been dropping like flies. And even some of the big boys can’t make a go of it here.
Well, the rest of the nation can’t claim it wasn’t warned.