1/ #PPP is badly broken. I've likely talked to 20 small business owners in the past week. Nobody has been funded and most are being told by their lenders that applications haven't even been submitted yet.
2/ Risk mitigation attorneys for banks don't want to do this and are setting up many roadblocks. According to U.S. Chamber of Commerce, there are approximately 8 million small businesses that employ people. Most of those are likely applying. Nobody getting funded.
3/ Every lender has different criteria. Every lender has different requirements. Fed Gov't needs to step in like with 3M and GE. Give banks immunity in writing for any of these loans. Give all lenders a standardized form and formula. Force them to process loans immediately.
4/ Allow small businesses to supply documentation during loan forgiveness application process and not now. We just don't have time. Some banks are requiring full docs. That takes 30 days when things are normal.
5/ If avg small biz really only has 27 days operating cash available, the avg small biz is close to collapse today. How many more millions will be unemployed if those businesses collapse? Time I slipping away. Elected officials need to recognize the disaster that is coming.
6/ Lastly, we have nowhere close to enough money allocated. Today, @marcorubio tweeted that 400,000 biz's have been approved for $100 billion. First, I don't believe that bc nobody I know has been approved. I'm sure that's what he has been told but I don't believe it.
7/ Second, that means avg loan is for $250k. If only half of small businesses apply, that means we need $1 Trillion for this alone. Please tell me I'm not the only person with a calculator.
8/ @dougducey @SenMcSallyAZ @kyrstensinema @DebbieLesko @gregstantonaz @RubenGallego @Ann_Kirkpatrick @RepDavid @RepAndyBiggsAZ @RepRaulGrijalva This is about to collapse. If it does, tens of millions more will be out of work. Please act now.
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