Small businesses make up +55% of our local Portland economy. Some estimates predict, nationally, 43% of small business could fail.
The Paycheck Protection Program are supposed to rescue America’s bars, restaurants, stores, gyms, and other “nonessential” businesses will succeed or fail. But according to local businesses and national news media, it's a mess of a launch: The Paycheck Protection Program, SBA loans intended to help businesses keep their workforce employed during the Coronavirus (COVID-19) crisis.
“We are hearing from far too many small businesses, that they are being shut out of the Paycheck Protection Program forgivable loan program,” National Federation of Independent Businesses, President Brad Close said in a statement.
And, according to an article published by Forbes, the lack of clarity could put our local businesses at risk, "Free Money for Small Business? Beware Legal Risks of Paycheck Protection Loan Program Until More Guidance Issued."
“There are still so many questions that still have to be answered and clarified, as far as business operations,” said Holly Wade, NFIB’s director of research. “We have basic parameters. We’re hearing from members with specific situations and because situations are so specific, it’s difficult.”