Millions Of Small Businesses On The Verge Of Failure “Relief” Package Funds 5% Of Small Businesses Video by Silver Report
This is truly a sad day for America and it never needed to happen. Let’s begin with the “relief” package that doesn’t seem to be designed to provide support for most small businesses. The Paycheck Protection Program was sold as a program that would provide 2.5 months worth of a companies pay in a loan that would turn into a grant if used to pay employees.
The PPP was funded with $350 billion this money is now gone. Of the thirty million small businesses in America, only 1.7 million received money from the 2.3 trillion dollar aid package passed to help sustain America during this difficult time. If the government blew through this money and was only was able to help only around 5% of small businesses it is difficult to think another 250 billion dollars will be sufficient. By this ratio, it seems some pretty large businesses ended up leaving with most of it which is not surprising as only the largest bank we’re online for the first 3 – 4 days of it’s open.
The top 4 banks consumed most of this money before the other lenders even had a chance to begin reviewing applications. This entire struggle that most small business owners face could have been prevented and it feels as if this was never designed as help for them. To make matters worse the layoffs and closures could really begin to accelerate as the help many thought they would receive doesn’t exist. For 2.3 trillion dollars we could have done more and most large corporations are well funded and in a prime position to thrive in this environment.