How Did The Small Business Loan Program Have So Many Problems In Just 4 Weeks?
Not-so-small companies, like Shake Shack, and organizations like the LA Lakers were able to get loans that were meant for suffering small businesses. What happened?
Trish Pugh started an Ohio trucking company with her husband in 2015. Even for a small business, it's small â they had two drivers, counting her husband, until they let one go due to the coronavirus crisis.
And so her company applied for a loan under the first, $349 billion round of the Paycheck Protection Program, which the federal government had set up to rescue small businesses.
It didn't go well.
First, there was confusion between her, her banker and the Small Business Administration over what forms were needed to apply. And then, once she did, she soon found out that she had missed out on the money.
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