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 · New Small Business Loans: Can They Meet Demand? · 23 Apr 2020 podcast

But a lot of lawmakers and people who have been thinking about what small businesses need are actually saying it's kind of time to go on to the next phase of help for small businesses, because 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 like the Paycheck Protection Program has kind of almost run its course. matched

Thank you. matched

WSJ Your Money Briefing · Coronavirus Stimulus Plan: Loans for Small Business · 31 Mar 2020 podcast

In order to get this loan, businesses and nonprofits either keep the workers that they have or rehire workers that they laid off. voice-verified

The businesses have to actually certify that they're going to do that. voice-verified

So essentially any business or nonprofit with fewer than 500 employees would be eligible. voice-verified

There are some exceptions to that, but that's just generally speaking. voice-verified

Also self-employed workers, gig workers, independent contractors would also be eligible. voice-verified

And the main criteria is that the business or the person needed to have been in operation or working as of February 15th, 2020. voice-verified

And for businesses and nonprofits, they needed to have paid employee salaries and payroll taxes. voice-verified

The maximum amount a business can apply for is $10 million and the interest rate on these loans is capped at 4%. voice-verified

But it is important to note that 10 million is the max and lenders are going to be using a formula that looks at a business's average monthly payroll and multiplying that by two and a half times to figure out the appropriate amount that a business should get. voice-verified

Treasury Secretary Steven Mnuchin has emphasized that this is a program that's going to help pay payroll and essentially overhead costs. voice-verified

And the way he gets to that is by essentially looking at the formula that says we're going to give you a loan that is the cost of your average monthly payroll times two and a half percent. voice-verified

And so that two and a half times formula is what is going to be used for most businesses. voice-verified

But because this program is also open to businesses that haven't necessarily been in existence that long and independent contractors, the exact rules are going to be different depending on the structure of the business or the person applying. voice-verified

This program is essentially a partnership between private lenders and the Small Business Administration. voice-verified

So private lenders will be issuing the loans and the loans will be backed by the Small Business Administration. voice-verified

So a business that is interested in this particular program needs to go to a private lender in order to apply. voice-verified

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