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

If a big bank didn't help them much on round one, there's no reason to think that it'll be any different with round two.

Thanks for having me.

WSJ Your Money Briefing · New Rules, Later Deadline for Small-Business Loan Program · 8 Jul 2020 podcast

Businesses that maybe didn't want a PPP loan a month ago or think they didn't need it a month ago could need it now.

So Congress wanted to give them more weeks to take advantage of that program if they could.

So small businesses now can apply until August 8th for a PPP loan, before the deadline was June 30th.

and remind us why Congress extended the deadline.

So there are two main reasons.

One, there was around $130 billion left in the PPP coffers at the end of June when it was set to expire.

And rather than just let that money sit idle or go back into the Treasury for other purposes, Congress wanted to make that available to small businesses that need it.

And the second was the economic picture looks very different today than it did in March.

Remember all the way back then when this passed Congress, there was a thought this would be a bridge for small businesses until the economy reopens.

Eight weeks should be plenty of time.

The economy should be back on its footing and businesses can start bringing staff back and pay them for work done.

Now you have states like Texas and Florida, you know, pausing reopening, reversing course.

Businesses that maybe didn't want a PPP loan a month ago or think they didn't need it a month ago could need it now.

So Congress wanted to give them more weeks to take advantage of that program if they could.

That's right.

There are new requirements for getting a loan forgiven.

It used to be you had to spend 75% on payroll.

Now that requirement is lowered to 60%.

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