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

And that was changed because there are a lot of businesses and high cost places like New York or Los Angeles or cities where the rent payments were extremely high.

And it just if they could only spend 25 percent of the loan on non payroll expenses, that didn't do them any good.

So Congress heard those cries and relaxed the requirement for how much

you had to spend on payroll.

The second is extending the amount of time you have to pay back or to use the PPP funds rather to 24 weeks from eight weeks.

So there were a lot of businesses that got the loan beginning of April when the first batch was available.

again, thought they might be ready to reopen in eight weeks, spent the money with that in the back of their heads, and lo and behold, eight weeks comes and goes and the businesses couldn't reopen.

And you have people thinking, well, maybe I would have spent the money differently if I knew I could spend it over 24 weeks, they didn't have to front load at all and be left in the situation where I laid off my people once, I brought them back to work, it's eight weeks are over and I don't have any money to pay them, I have to lay them off again.

So Congress wanted to avoid that scenario from happening again.

That has changed.

So it used to be if you had at least a 20% stake in a business and you had been convicted of a non-financial felony in the past five years, you were ineligible for a loan.

They've relaxed that period to just one year.

So if you had a felony in your past, again, non-financial in nature,

And it maybe happened three years ago.

You weren't eligible under the old rules.

You are eligible now.

Unfortunately, it's still the same if you were convicted of a financial penalty.

So if you were convicted of embezzlement or fraud three years ago, this this new rule doesn't help you very much.

That's gotten a lot better.

We have more than 5,000 lenders that participated in PPP.

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