Yuka Hayashi

speaker

247 appearances 9 recordings 1 series first heard Jul 2019 last heard Aug 2020

Yuka Hayashi’s voice in public audio — every appearance, attributed to the second.

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WSJ Your Money Briefing · SBA Sued Over Rule Excluding Felons From Loan Program · 17 Jun 2020 podcast

So the SBA has two large programs aimed at helping small businesses weather the impact from the coronavirus crisis.

One is the PPP, which is a much larger program.

The other one is called the Economic Injury Disaster Loan Program.

This one is a smaller program, but it has some features that are not part of PPP.

So this program has turned out to be pretty popular.

And because there was so much demand, the SBA ran out of money and had the program closed for weeks.

And finally, they said that they're going to reopen it.

Thanks for inviting me.

WSJ Your Money Briefing · Why the Small-Business Stimulus Loans Don't Work for All · 1 May 2020 podcast

This is a very, very frustrating situation for a lot of businesses, particularly if they are already closed and have laid off employees.

For these companies, if they want to qualify for grants, they're going to have to bring back workers even when their businesses are closed.

The program requires businesses to spend at least 75% of the funds on payroll to keep workers employed or rehire workers if they have already let go their employees.

And that leaves only 25% to cover other essential expenses, including rent and utility payments.

And for businesses that are located in big, expensive cities, New York is the prime example of that.

That 25%, in many cases, is not enough to cover their rent and other costs.

This is a very, very frustrating situation for a lot of businesses, particularly if they are already closed and have laid off employees.

For these companies, if they want to qualify for grants, they're going to have to bring back workers even when their businesses are closed.

And at the same time, they have these rent bills, utility bills piling up.

They would rather spend the money to cover these expenses in order to survive.

Using this program to maintain employment, to keep people employed, was the primary goal when Congress set up this program.

But I believe when they were designing the program, they were not envisioning a crisis that would last for such a long time.

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