CHARLOTTE, N.C. — Millions of U.S. small-business owners have lined up to get loans from the federal Paycheck Protection Program, part of the massive stimulus put into place as a response to economic fallout from Covid-19.
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Some have reported success and have begun deploying capital to keep employees on the payroll. Others have submitted applications but are still waiting to hear whether or not they’ve been approved.
Meanwhile, more than 30 million Americans have filed for unemployment since mid-March, when the pandemic’s force started to be felt economically.
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PPP loans are structured to cover a business’ payroll for eight weeks — no less than 75% of a loan can be spent on wages and the remaining quarter can be used for expenses like rent and utilities.
Small-business owners across the country have been outraged with big banks — including Wells Fargo, Bank of America, JPMorgan Chase and others — over how they have handled the PPP loan process.
[LINK: Small Business Resources]
CBJ talked with three local business owners about their frustration with the PPP process — and their plans to bail on the big banks in favor of smaller institutions. Read the full story here.