While millions of loans have been approved, some companies that qualify either weren’t aware they could or were turned down by banks, often flooded with applications, for a wide range of reasons. A single vote in the U.S. House of Representatives could have ended the program, which required unanimous consent due to the lack of time before Congress adjourned. In a Congress where disagreement is usually the order of the day, this passed both houses in a matter of days. “If there’s work to be done and people are available, we do it.”. Fox Business' Jennifer Schoenberger contributed to this report, Fed’s Jerome Powell pushes for more coronavirus stimulus, Kamala Harris, her husband and John Legend hold a campaign event in Philadelphia-FBN, President Trump delivers remarks at a campaign rally in Wisconsin-FBN, California mayors sign letter urging Gov. This material may not be published, broadcast, rewritten, or redistributed. “It was very hard. Time, a resource that had run out, has been replenished. 3 Last day to Receive Signed Docs Back and Last Day to Sign Docs does not apply for wet purchase. Quotes displayed in real-time or delayed by at least 15 minutes. “I didn’t know what to do.”. Initially, money had to be used in eight weeks in order for loans to be forgiven, prompting some companies not to apply. The decision answers a $129 billion question, the amount of funding still left in the program administered by the. French fintech startup October has raised some fresh capital to invest in small and medium companies on its lending platform. For X, Y, Z reasons, we got denied once, twice,” said Mat Lanfant of his Port Washington business.
Continue Reading Below … Sign up for our COVID-19 newsletter to stay up-to-date on the latest coronavirus news throughout New York, Everything Long Island I started panicking, seeing the numbers,” an executive whose organization in New York City provides home health aides said of her initial predicament. In addition to helping nearly 200 businesses in New York get PPP funds, AES has helped applicants from 26 other states, including more than a dozen in California, 30 in New Jersey, 10 in Pennsylvania, three in George and Michigan and many in other states. Découvrez comment nous utilisons vos informations dans notre Politique relative à la vie privée et notre Politique relative aux cookies. Billions of dollars in unused funds remained in the Paycheck Protection Program for forgivable loans when the deadline ran out on June 30. The U.S. central bank said it is lowering the minimum amount that can be borrowed by small- and medium-sized businesses to $100,000 from $250,000. Companies that were on sound financial footing pre-crisis and damaged only by the virus outbreak can access the program, available to firms with up to 15,000 employees and $5 billion in revenue. “That’s what launched us and motivated our team.”. Seiden said AES, which pivoted to focused on financing PPP loans, found companies sometimes were unaware of changing regulations or didn’t realize their category of company was eligible. “Now that we have another bite at the apple, we’ve got a whole bunch of cases waiting in the wings,” said one executive who referred clients to AES. BIDEN PLEDGES TO HIKE TAXES ON AMERICANS EARNING MORE THAN $400K. That was extended to 24 weeks, making loans more appealing to many and easier to forgive. Best Of Long Island. Informations sur votre appareil et sur votre connexion Internet, y compris votre adresse IP, Navigation et recherche lors de l’utilisation des sites Web et applications Verizon Media. An AES staffer said putting a personal cell phone in a form rather than a business number also could stall an application, even if the applicants simply found out they were rejected without a clear reason.
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