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I wish they had this in-place when the loans were offered. The original intent was to Keep Employees Paid, Keep the Lights on and Keep the Doors Open. We followed those guidelines, paid everyone since we received the money, even back paid lost wages, but were closed. Now we are open and will need to lay people off as the money ran out. Had I known this was going to be extended, I would have had employees file for unemployment while we were closed and started the usage of the money now. I followed the guidelines and now screwed to keep people employed.
What I am not hearing is that the funds already used in the 8 week period are not being replenished or “re-filled” for the coming weeks or months ahead. We have continued to work for clients because there were contracts to fulfill, but as we all know business isn’t booming, new business isn’t guaranteed and we have no idea what the next 6 months will bring.
I agree, especially those that used it the way it was supposed to be. I said from day 1, what happens in 8 weeks when business isn’t fully open again.
David, your 8:54 post is spot-on and unfortunately I’m sure almost all of those small businesses who were proactive in getting PPP funds are in the same boat you describe. Our 8-week period expires next Wednesday, so most of the funds were used only in an attempt to comply with the PPP guidelines. Good intentions with horrible execution…