![]() ![]() who are self-employed has grown over 9%, while the growth rate of businesses that employ people has only grown by 4.4%. Small companies are the backbone of America and account for an astounding 64% of all new jobs created in the United States. Why Is It Important That Small Businesses Get PPP Loans? Jobs. Never forget who these big companies are because screwed over small companies and the self-employed by holding much needed funding for small businesses hostage. Commercial leases are not covered in federal, state or most local eviction moratoriums. Real small businesses are now closing their doors, selling their possessions to meet payroll, and getting kicked out by callous landlords who will most likely still owe rent on remaining months in their leases. There was never enough funding for small companies–and big companies applying for taxpayer-backed PPP loans only exacerbated the problem. ![]() Picked Just For You: Here's The Entire List 2020 Holiday Events In DFW It’s obvious the first round of PPP loan funding was never going to cover demand for the program even though $349 BILLION had been allocated for it. Size of loan to fund ALL PPP applicants the sameĪmount each applicant could use towards payroll, rent, healthcare, etc unemployment rate during the Great Depression unemployment rate during 2008 financial crisis TOTAL estimated number of PPP loan applications PPP funds set aside for small businesses April 3 Of the estimated 45 million applications for PPP the Small Business Administration received, only 4% were approved. The SBA will forgive the loans if companies meet certain benchmarks, such as keeping employees on payroll for eight weeks. The size of the typical loan nationally was $206,000. There are over 53 million combined small businesses (defined by the SBA as smaller than 500 employees) and self-employed persons in the United State which we are going to simply call in the table below “small companies.”Ĥ,400 of the approved PPP loans exceeded $5 million according to the SBA. $349 BILLION was allocated towards United States small businesses by the SBA. The Paycheck Protection Program was aimed at giving America’s small businesses and self-employed a lifeline to keep them open during the economic shut down due to the coronavirus pandemic. ![]() But First: HERE’S WHY THE PPP LOAN PROGRAM DIDN’T WORK Here’s A List of the Biggest Publicly Traded Companies That Got PPP Loans Meant For Real Small Businesses: Privately held restaurant chain Fogo de Chao had $317 million in revenue in 2017 and received $20 million in PPP loans. economy, companies with no marketable product to sell, and big businesses whose parent company is located in a foreign country. Instead, the taxpayer-backed low-interest loans went to companies with thousands of employees, fines and penalties from the government, risks of financial failure long before the coronavirus shut down ravaged the U.S. The Paycheck Protection Program was supposed to infuse small businesses, which typically have less access to quick cash and credit, with $349 billion in emergency loans that could help keep workers on the job and bills paid on time. ![]()
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