Writing in Forbes, Brock Blake, the CEO of Lendio shares the good, bad and ugly of the Paycheck Protection Program; as many are already aware funds have now been exhausted, with 1.6 million business owners receiving the $349 billion allocated; this represents only 6% of small businesses, leaving the majority of small business owners still struggling; the initial launch was scrappy but some financial institutions were able to nail down their processes and accept applications; Lendio processed 70,000 applications for approximately $5.8 billion; to give context to this number, the SBA processed 60,000 in total in 2019; as institutions scrambled, large banks prioritized existing customers and the SBA did not approve every FDIC bank and credit union which challenged many small business owners; there were also ever changing requirements which caused many applications to be returned from the SBA; Blake shares more statistics on PPP loans, how some small businesses don’t have money yet and what comes next. Forbes
