Peter Rudegeair

speaker

756 appearances 12 recordings 1 series first heard Nov 2017 last heard May 2021

Peter Rudegeair’s voice in public audio — every appearance, attributed to the second.

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WSJ Your Money Briefing · Small Businesses Turn to Small Banks to Apply for PPP Loans · 3 Aug 2020 podcast

They were expecting

this aid to be available.

They knew time was of the essence.

They wanted to apply quickly.

But the big banks just weren't ready.

Seven days was not enough since Congress passed legislation to get new systems up and running to take applications in, to track the status of those applications.

So it took kind of days, sometimes even weeks for businesses to even accept applications from these businesses.

And then a lot of the time when they even applied,

Banks couldn't tell them where they were in the queue.

There was some difficulties getting in touch with the government on which applications were approved, which weren't, which were acted on in what order.

So businesses were just in this vacuum of information a lot of the time.

And not only did the banks not know what the government was doing with approvals, but the businesses didn't know what the banks were doing with submitting applications.

So it was panic-inducing for a lot of them.

If you'll remember, the Paycheck Protection Program was part of the CARES Act that passed Congress.

Applications for PPP were open a week after that, April 3rd.

And this is time of lockdowns, of stay-at-home orders.

A lot of businesses needed that money quickly.

And that first round of aid went away after about two weeks.

It was all claimed.

So time really was of the essence for a lot of these businesses.

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