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The SBA’s implementation of the Payroll Protection Program (PPP) has been a mess. In particular, the SBA has given inconsistent guidance that continues to change and evolve, leaving companies left to wonder if they qualify or not. But, while very well-intentioned, it’s implementation has been flawed.
. – Consider a separate loan program for very small businesses (fewer than 10 or 20 employees) that’s based on a revenue formula and so long as they use the funds for current expenses (i.e., – We need distribution mechanisms beyond the SBA (which is overwhelmed). . Expand the SBA Microloan Program . million. .
We will continue to aggregate learnings as we expand the network and try to use them to both influence policy as well as to accelerate and expand our ability to help businesses that continue to struggle through the Covid-19 induced economic crisis. According to data released by the SBA , the average PPP amount was just over $200,000.
And they typically, in the United States at least, get an SBA Loan, Small Business Administration Loan. And the SBA is basically a government-guaranteed loan that a bank will offer, and it will allow an acquirer, an individual, to buy a business that they couldn’t ordinarily afford.
After college, I was a very early employee at a web company called Tumblr. It’s designed for small and mid size companies and it all started based on a focus of the employees. Our slogan is, “We heart employees,” and everything that we do is designed around usability for the employees.
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