Real SMALL businesses need PPP assistance too!!
On Thursday, April 16, 2020 it was reported that the PPP fund had been exhausted and no additional applications would be accepted. However statistics are showing the vast majority of small businesses and those who are in desperate need never had the fair opportunity to participate.
I am a small business owner and serve hundreds of other small business owners in and around the United States and it has been an incredibly frustrating and disappointing process to obtain application acceptance and loan approval. Of my client base alone, only 1% have received acceptance. Several are still pending further notification about their application status while others were never given a chance to apply because their banks did not participate in the PPP and they further found it impossible to find a bank that would accept an application from a non-customer. Taking a deeper look at the statistics, the companies who have received approval represent the top 9% of small businesses, leaving the remaining 91% floundering.
It is egregious to have a small business in the state of Maryland with 6 employees to be DENIED because she "has over 600 employees" when her application and payroll records clearly reflect actual representation of her business. It is further unacceptable for her bank to respond to her concern by saying simply, "I'm sorry. We are out of money!"
As a tax payer, a small business owner and a small business advocate I am urging Congress to approve additional funding AND put parameters in place th