Small business owners fear loan money will run out

[Yo_Mama_Been_Loggin]

Colin McIntosh, the millennial founder and CEO of startup bedding company Sheets & Giggles, last month vowed to retain his entire staff even as layoffs rain down across nearly every industry because of the coronavirus.

The Small Business Administration-backed loan that he has applied for could help him fulfill that pledge, but McIntosh doesn't know when — or if — he'll receive funding through the federal Paycheck Protection Program. The initiative is part of the $2.2 trillion CARES Act passed by Congress to help Americans weather the economic downturn.

McIntosh fears that the smallest U.S. businesses will be at the back of the line for cash, behind larger businesses with full-time chief financial officers and existing lending relationships banks. He has six full-time employees and brought in $2.5 million in revenue last year. His company's sales are down about 30% since consumers started to pare their spending.

"We don't have a department to track all the changes that are coming from the federal government," McIntosh told CBS MoneyWatch after the program launched earlier this month. "Small businesses don't have the ability, nor the bandwidth — financially, mentally or time-wise — right now to stay on top of every single piece of information that is coming out of the administration and out of this CARES Act."

https://www.msn.com/en-us/money/smallbusiness/small-business-owners-fear-loan-money-will-run-out/ar-BB12zIN6?li=BBnbfcN

Jared and the My Pillow guy are getting theirs.

[Mosby]

1. Who does his payroll? Someone.

[Merlot]

2. My business bank has been promising for two weeks now to get the application

process online. They even wrote a nice long letter explaining just how difficult it is to get a program of this size up and running. While I get that could e difficult, it appears that other banks are somehow managing to hand out money. The SBA won't work directly with small business that don't already have an account with them, working through the business bank is the only route.