Economic Stimulus Package
April 23, 2020
Chasing the Wind…Hard to catch but beautiful to imagine. These are like our feelings when trying to understand the Payroll Protection Program (PPP) Guidelines during the last two weeks.
As this is being written, Phase 3.5 of the Covid Economic Recovery Package is awaiting the final votes in the House and Senate. It should be ready to hit the market within a few days. We cannot imagine how hard it must be to try to write such an exhaustive offering in the midst of a whirling storm. And to approve more loans in two weeks than a normal year…a feat never before considered.
The EIDL loans and the PPP loans closed last week indicating the funds were depleted. As the masses raced to the various online platforms to request government assistance, the frontline applicants, bankers, financial professionals and interested readers were trying to understand the terminology that did not always match the normal industry jargon. What are payroll costs? Can you rehire a different skill set and still receive complete forgiveness? Why are my business associates receiving money and my bank account remains dry? These are the questions the “Messengers” are receiving while dodging the verbal bullets of misunderstanding.
Rather than recreate the wheel, this article from Forbes says it eloquently.