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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WSJ Your Money Briefing · Making the PPP Loan Process Easier for Minority-Owned Businesses · 2 Jun 2020 podcast

And that is indicative of this idea that the money is better flowing to smaller firms because the loan amount in the program is determined by the size of a company's payroll. voice-verified

And I've also talked to community development financial institutions who have said that the process has gotten better over time and the administration has clarified the rules. voice-verified

Yes. voice-verified

So the House passed a bill that would ease this measure that a lot of businesses said kind of constrained them in using their loan funds from the Paycheck Protection Program. voice-verified

So the Trump administration essentially issued this requirement that in order for a business to receive full forgiveness, they had to use 75 percent of their loan funds. voice-verified

And a lot of businesses were saying, you know, it's kind of hard for us to do that in a situation where we're still closed or we're just starting to reopen and we don't necessarily have the need to have a lot of workers because we don't have the demand to support it. voice-verified

So a lot of businesses had asked for flexibility on that front, and the House passed a bill last week where they dropped the requirement to 60%. voice-verified

So a business would only need to use 60% of their Paycheck Protection Program loan on payroll in order to qualify for full forgiveness. voice-verified

WSJ Your Money Briefing · New Small Business Loans: Can They Meet Demand? · 23 Apr 2020 podcast

The Paycheck Protection Program is really a measure that is meant to keep businesses afloat for about eight weeks. matched

And so some lawmakers are saying we need to start thinking about what small businesses are going to need when it's actually time to reopen. matched

And they're saying that the Paycheck Protection Program has kind of almost run its course. matched

Lenders and small business advocates are expecting very strong demand. matched

They expect that for a couple of reasons. matched

One, even before the program's initial funding ran out, lenders were saying that they had a very large backlog of applications. matched

And they have continued to compile those applications even during this funding lapse when they couldn't submit those applications to the SBA. matched

So that backlog has grown even larger. matched

Another thing is that independent contractors and sole proprietors were only able to apply to the program for a few days before the funding ran out. matched

So during the next round, they're expected to really pile on to the demand that is expected. matched

Businesses were reporting a lot of obstacles. matched

One thing that happened was that when the program initially opened up, some of the banks were saying that they only wanted to process applications from their existing customers. matched

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