Getting PPP Loans to the Smallest Small Businesses

John Pitts is policy lead for Plaid and has been critical of the Paycheck Protection Program; beyond the challenges of the launch, many of the loans in the first round of allocated funds went to larger companies; the smallest of small businesses have been left out; with the additional funding expected to be voted on today, Pitts shares how he believes that $100 billion should be set aside for loans under $50,000; at the time of publishing this is not in the final bill; in addition 1099 contractors only got access to the loan program on the very last day that funds were available; he also believes that the Federal Reserve Facility should be available to nonbank lenders before the program opens back up since the additional funds allocated to the program could be spoken for in 48 to 72 hours by the current backlog at large banks. American Banker

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