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 · Coronavirus Stimulus Plan: Loans for Small Business · 31 Mar 2020 podcast

Now, currently, the Small Business Administration says voice-verified

There are about 1,800 lenders across the country that had existing relationships with the SBA and that can issue these loans right away. voice-verified

Treasury Secretary Mnuchin says he essentially wants every FDIC-insured institution in the country and additional lenders beyond that to be able to issue these loans. voice-verified

And he says the Treasury Department is working quickly to put together criteria and the framework so that pretty much any lender across the country can be involved. voice-verified

So lawmakers that worked on this legislation actually called it the Payroll Protection Program. voice-verified

So it really is geared towards the idea of making sure that businesses and nonprofits either keep the workers that they have or rehire workers that they laid off. voice-verified

And actually, in order to get this loan, the businesses have to actually certify that they're going to do that. voice-verified

So one thing that we're hearing is that a business's credit profile is really not going to be a factor in whether or not they can get these loans. voice-verified

Lawmakers, the Small Business Administration, and the Treasury Department say they're really trying to streamline the process to make these loans as readily available and accessible as possible. voice-verified

So they've said that the main criteria is going to be payroll costs. voice-verified

Well, one very important component of this loan program is that there is a loan forgiveness provision. voice-verified

So businesses who retain or rehire their workers would be eligible for forgiveness on the portions of the loan that are used essentially for overhead costs. voice-verified

So payroll, rent, mortgage obligations, utilities, they'd actually be able to get forgiveness on that portion of the loan. voice-verified

So if, for instance, a business used the entire loan towards those costs, they would be eligible for 100% forgiveness. voice-verified

Now, it is important to note that one of the things that is going to be taken into account when determining the amount of loan forgiveness that a business receives is the level at which they maintained their payroll. voice-verified

This could be the first phase of a cycle of loans or a cycle of other programs aimed to help small business owners. voice-verified

Again, Treasury Secretary Mnuchin has said if this program works, that they could add more money to it. voice-verified

And lawmakers have already said that they are just basically waiting and seeing how this stimulus package that recently passed works and kind of filters through the economy to determine whether or not they should do even more. voice-verified

Thank you. voice-verified

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