How The Small Business Loan Program Went Wrong In Just Four Weeks
For many, it hasn't gone well at all
Trish Pugh started an Ohio trucking company with her husband in 2015. Even for a small business, it's small — they had two drivers, counting her husband, until they let one go because of the coronavirus (COVID-19) crisis.
And so her company applied for a loan under the first, $349 billion round of the Paycheck Protection Program (PPP), 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 (SBA) 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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