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

What was difficult in that first week was because the program launched just a week after it passed Congress, so many banks and other lenders weren't ready to accept applications, and the money ran out in that first round within two weeks.

Now other banks, you know, other lenders have had months to get their systems in order and accept applications.

So small businesses don't have that much of an issue finding them.

Oh, for sure.

There was this frenzy when it first rolled out.

The money got spent, you know, the first round's funds got used up in about 13 days.

Now, you know, you have a lot of businesses that were able to claim it that didn't get access that first round because Congress re-topped up the money.

It's had a good effect on the employment rate.

We've seen the jobs numbers the past couple of months indicating that small businesses have been able to bring back their workers.

That being said, there are 30 million small businesses in this country and only 5 million PPP loans so far, so there's a lot of businesses that haven't gotten the aid that could use it yet.

Yeah, there have been some firms that you wouldn't especially think would need a PPP loan to weather the storm that got one.

You know, some very well-heeled law firms like Boies Schiller, kind of ironically, some groups that campaign against, you know, active government like the Ayn Rand Institute.

got PPP loans and more of the same kind of hotel chains and restaurant chains that we had seen in April when they were publicized for getting PPP loans via SEC filings.

A lot of those decided to keep the money just because they needed them.

I'm not sure that'll be the same outcry now as there was back then on these big public companies getting PPP loans.

Recall when the money ran out in 13 days before, every dollar that Shake Shack or Ruth Chris got was a dollar that your mom and pop restaurant didn't get.

So there was a sense of unfairness when some of those recipients were revealed a couple months ago.

Now, again, there's $130

$30 billion left in the program.

So it's not the same dynamic where just because this expensive law firm got a loan doesn't mean the diner down the street couldn't get a loan either.

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