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#PPP UPDATE 1/7:
I continue to see lots of misinformation reported & repeated on PPP.
This program is new to everyone,so not claiming its intentional.
But we can’t address the problems if we don’t understand how to distinguish between what WAS a problem & what IS a problem.
I continue to see lots of misinformation reported & repeated on PPP.
This program is new to everyone,so not claiming its intentional.
But we can’t address the problems if we don’t understand how to distinguish between what WAS a problem & what IS a problem.
#PPP UPDATE 2/7:
1st: Yes lots of confusion early on . Because no one on earth had ever done a #PPPloan until 11 days ago.
But lenders received clear guidance on the most important open questions last Thursday from Treasury & last Friday from Federal Reserve.
1st: Yes lots of confusion early on . Because no one on earth had ever done a #PPPloan until 11 days ago.
But lenders received clear guidance on the most important open questions last Thursday from Treasury & last Friday from Federal Reserve.
#PPP UPDATE 3/7:
2nd:Main reason some #smallbusiness having trouble getting into PPP is banks are overwhelmed with applications. Even the biggest banks are struggling with the level of demand.
One of the characteristics of crisis is that demand is greater than initial capacity.
2nd:Main reason some #smallbusiness having trouble getting into PPP is banks are overwhelmed with applications. Even the biggest banks are struggling with the level of demand.
One of the characteristics of crisis is that demand is greater than initial capacity.
#PPP UPDATE 4/7:
3rd:Lots of misplaced questions raised about disbursement
SBA can’t tell you how much has been disbursed because govt $ not the source of the disbursement funds
Disbursement comes from cash lenders have on deposit
Govt
is guarantee it will be paid back
3rd:Lots of misplaced questions raised about disbursement
SBA can’t tell you how much has been disbursed because govt $ not the source of the disbursement funds
Disbursement comes from cash lenders have on deposit
Govt
is guarantee it will be paid back
#PPP UPDATE 5/7:
4th:Claim that we don’t need more $ approved yet because very little has been disbursed is WRONG
Amount disbursed is irrelevant to need for additional funds. What’s relevant is amount approved. Lenders will stop approving #PPPloans when $ for guarantee runs out.
4th:Claim that we don’t need more $ approved yet because very little has been disbursed is WRONG
Amount disbursed is irrelevant to need for additional funds. What’s relevant is amount approved. Lenders will stop approving #PPPloans when $ for guarantee runs out.
#PPP UPDATE 6/7:
5th:Some reports mix two unrelated programs,the pre-existing SBA emergency loans & #PPP.
The emergency loan program is designed for localized disasters (ie. hurricane) not a nationwide one. That is one of the reasons we created PPP.
5th:Some reports mix two unrelated programs,the pre-existing SBA emergency loans & #PPP.
The emergency loan program is designed for localized disasters (ie. hurricane) not a nationwide one. That is one of the reasons we created PPP.
#PPP UPDATE 7/7:
6th:Main challenge with #PPP is NO LONGER “lender confusion”. It’s that we need more lenders
That’s why we created path to bring in new lenders,including non-bank lenders
To create more access for #smallbusiness we need to speed up bringing in new lenders ASAP
6th:Main challenge with #PPP is NO LONGER “lender confusion”. It’s that we need more lenders
That’s why we created path to bring in new lenders,including non-bank lenders
To create more access for #smallbusiness we need to speed up bringing in new lenders ASAP
