Paycheck Protection Program Focuses on Short-Term and Misses Long-Term Damages
On June 8, the Portland Press Herald published an article, "Revamped emergency loan program remains a short-term fix," discussing the Paycheck Protection Program's (PPP) extended deadlines and loosened restrictions, but lack of solutions to long-term revenue shortfalls. Due to the COVID-19 pandemic, many small businesses will expect depressed revenues in months to come and the PPP doesn't address these concerns. Business law attorney and author of several PPP guideline articles, Greg Fryer, is quoted multiple times in the article. He states: "The whole thrust of this statute is to foster forgiveness, to make it easier for small businesses, to make this an outright subsidy program, not a low-interest loan program."
To read the full Portland Press Herald article, click here.