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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Appearances
WSJ Your Money Briefing · Small Businesses Turn to Small Banks to Apply for PPP Loans · 3 Aug 2020
podcast
But what they found out through this process is that bigger isn't always necessarily better, right?
One thing that you can't always get at a big bank is a person on the phone that can help you navigate things, that can give you answers.
You know, a lot of big banks prefer to do their customer service through hotlines and through, you know, websites.
And, you know, a lot of the businesses that we talked to for the story did not get a PPP loan from a big bank, but did find a smaller bank that was willing to help them out.
And in that application process, again, they talked to human beings.
They had their hand held a little bit more.
And a lot of the times those smaller banks were able to get them PPP loans much faster than the big banks were.
And it made them realize that, you know, maybe these smaller banks don't have the same technology resources.
And maybe there's not a branch on every corner like there is with, you know, one of the biggest banks in the country.
But customer service matters.
The personal connection matters.
And that was something that was underweighted before and now maybe is being reconsidered.
It didn't help that the rules of the game was changing pretty often for small businesses.
So if you'll remember when the Paycheck Protection Program passed Congress in March, we thought this would be a short-term thing, these COVID disruptions.
Businesses had eight weeks to spend the money.
And over the summer, Congress extended that to 24 weeks.
A lot of the businesses already spent the money, thinking they only had eight weeks to spend it.
So they're learning lessons.
if there's a round two of PPP, which there seems to be in some form.
And again, the small businesses have long memories.
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