NFIB Weekly NewsLeading the News Small Business Owner’s PPP Struggle Detailed (05/19/2020)
TIME (5/13, Elliott) profiled rare books dealer Arthur Fournier’s experience with the Small Business Administration’s Paycheck Protection Program (PPP). Fournier “was one of thousands of small business owners who applied for PPP money, and quickly found themselves way outside their comfort zone.” After finding difficulty acquiring a loan through fintech Ready Capital, he “decided to try another route, through PayPal, which was also offering non-bank-based loans.” But because “the Small Business Administration already had a record of his application from Ready Capital and had assigned his business an identification number, Fournier couldn’t apply with another lender. Washington was trying to prevent the same business from taking multiple loans, but in effect he was trapped in Ready Capital’s system that was at best sluggish and at worst over-extended.”
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