Madeleine discussed on Press Play with Madeleine Brand

Automatic TRANSCRIPT

Cons stories books and cafe mark thank you both so much thank you thank you Madeleine well the government has hit its limit on the small business relief programme it's been riddled with problems since the very beginning we're gonna talk about that now Holly Wade director of research and policy analysis at the national federation of independent business which is a group that represents small businesses welcome Holly thank you thank you for having me well what has been the experience for most small business owners in trying to get these loans well it's hard for many small business owners across the country and they are huge really frustrated with the rollout the initial rollout we certainly understand that there was huge demand and is that the loan program had to be facilitated it up and running quickly but on the small business owner and you know they're just looking for financial support as quickly as possible and in accessing these loans it is banned the less than ideal for many and just also the complications of filling out the applications getting the paperwork necessary but also finding a participating banks to apply has been a challenge for many right so I've heard stories where banks just say no we're not going to do this and it's the only bank in town and businesses are they don't know what to do they don't know where to go exactly I mean if they are if they don't currently bank with a participating lender in this program they are effectively cut out of the system and have very little access to applying for these loans so it was you know it's certainly helpful that more lenders were approved even those nontraditional banks approve like pay pal and cabbage so that certainly helped but still many small business owners are unable to find a bank to apply but now with the funding having run out it's impossible now for small business owners who haven't already you know submitted their application to participate in the program so this was a three hundred fifty billion dollar program presumably it went to some people because it's now out of money how much more money is needed well there's certainly demand out there where small business owners haven't been able to apply so I think there is significant demand and also the demand will continue with depending on the severity of the outbreak and the financial needs that are still to be meant so so many small business owners have yet to apply and you know as quickly as they can appropriate money for these loans the better so we can help more small businesses through this crisis who gets the lines is it really first come first serve yes it was first come first serve so there were small business owners in the line the day that window for employers opened up April third and then on April tenth independent contractors and the self employed were able to apply however there was little guidance available for banks to facilitate those loans so there were millions and millions more small business owners who are non employers that were left out of the loan program and still have yet to apply and get that financial support that they desperately need so these are people who don't have employees that have business expenses yes correct so I wouldn't accountants and plumbers electricians actors there are so many who have that don't who don't have employees but they have a real business expenses and also you know they're lost net earnings so you know to help them continue and and you know kind of remain solvent through this crisis so that they can be too can get to the other side and continue to pay those bills that will continue to come throughout so we heard president trump earlier complained about inaction in Congress what is this sticking point here in terms of extending this program I mean it sounds like it's you know how much they're having kind of like the opportunity to.

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