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They actually are doing both of those points. Everyone's heard of the $1200 checks to individuals, but they also created the Paycheck Protection Program[1] whic
by Meekro 7y ago
They actually are doing both of those points. Everyone's heard of the $1200 checks to individuals, but they also created the Paycheck Protection Program[1] which advertises itself as a small business loan program but "will forgive loans if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities." In other words, if you run a small business, Uncle Sam will cover your payroll for 2 months if you don't fire anyone.
It's the "do it yesterday" part that they're having trouble with. Major banks are saying that the government isn't forthcoming with the details they need to actually implement the lending program, so they've had to delay its launch.
[1] https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/paycheck-protection-program-ppp https://www.sba.gov/funding-programs/loans/coronavirus-relie...
[2] https://www.forbes.com/sites/brianthompson1/2020/04/03/no-small-business-relief-yet-false-start-on-paycheck-protection-program-loans/#110533934c46 https://www.forbes.com/sites/brianthompson1/2020/04/03/no-sm...
- notyourday 7y agoThere has never been a single program administered by the SBA that was not comically broken. There are two possibilities: 1. This program is going to continue the great tradition of government epic failures of providing help to small businesses 2. This time around it works and small businesses get an immediate ( in a commercial sense of the word ) help in record time. One won't need to be a genius to figure out the implication of 2. Personally, I think it would be 1.