PPP loans were designed to cover an employer’s payroll costs for only about eight weeks, serving as a stopgap until things got back to normal. Now, it looks as though legislators seriously overestimated how quickly the country would return to “normal.”
. The Small Business Administration hasn’t provided data for PPP recipients’ race, gender or firm size, and officials didn’t respond to inquiries about those statistics., an online bilingual lifestyle magazine, got a PPP loan for $75,000. That initially covered payroll for four employees, but her loan money is almost gone.
“This PPP loan should be expanded. Two months is nothing, not only for me but anyone to get back on your feet,” said Remos, whose business had invested $35,000 to build a new platform and was just getting ready to launch a big redesign when the pandemic struck. “We need at least two more months.”and conditions to make it easier for businesses to qualify for loan forgiveness.
For now, the question for many employers is whether they can hang on until there’s more financing or business improves enough so that they can avoid more layoffs. Tina Lyons, 53, owner of Double River Forwarding in Portland, Ore., makes her living by helping businesses ship containers of products to other countries. Her biggest customers are farming businesses that export hay, wheat, soybeans, hazelnuts and other goods.made last year the worst in her 12 years of operating the company. And this year is looking even worse.
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