Amara Omeokwe
speaker
439 appearances
11 recordings
1 series
first heard Mar 2020
last heard Dec 2023
Amara Omeokwe’s voice in public audio — every appearance, attributed to the second.
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Appearances
So we really need aid that is not tied to payroll or retaining workers, but tied to not being able to operate at full capacity, tied to wanting to reopen maybe with much modified conditions like doing takeout and things like that.
And so that's why some industries are really pushing for Congress to give them dedicated funding that really is tailored to their specific situation.
One thing that the bipartisan framework proposes is having set aside funding for community lenders right at the onset of any reopening of the Paycheck Protection Program.
And community lenders, such as community development financial institutions, are seen as key for getting funding into minority communities and other communities that tend to be underserved by traditional banks
and larger financial institutions.
Now, that would also be a difference from the first iteration of the Paycheck Protection Program because community lenders didn't get sort of set aside dedicated funding until the program had been open for some time.
One of the major complaints about the Paycheck Protection Program was kind of this moving target of changing rules and guidelines since the program opened in April and when it closed in August.
Even with the forgiveness application process, the SBA, they've released three different versions of the forgiveness application.
That's right.
We've heard from the small business community talking about how desperate some small business owners are for additional aid.
And so I think the small business community will welcome an additional package, but they'll also be pushing for more.
There are certain industries that have said from early on in the Paycheck Protection Program
that the program structure really didn't work for them.
The restaurant industry, for instance, said, you know, given that so many restaurants are still not operating at full capacity, they just need a different kind of support.
Some in the small business community have advocated for just straight up outright grants, not loans, to help small businesses weather this economic fallout from the pandemic.
So as the Paycheck Protection Program guidelines state, borrowers have to spend at least 60% of their loan on payroll costs.
And then they can use the remainder of the funding for other eligible costs like utilities and rent.
And one important thing is that the amount of forgiveness that a borrower receives can be lowered if that borrower reduced their employee headcount or cut salaries and wages.
And depending on the application form that the borrower uses,
to apply for forgiveness, they may have to detail whether or not they kept their employee headcount at the same levels roughly as pre-pandemic and whether or not they cut salaries and wages.
Showing 221–240 of 439 · page 12 of 22
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