Bonnie Hancock Addresses Paycheck Protection Program Issues
Many small businesses gave a slight sigh of relief when the Paycheck Protection Program (PPP) was launched on April 3, aiming to provide $349 billion in aid to small businesses. However, loans seemingly ran out in just two weeks and many Triangle small businesses haven’t seen a dime.
Bonnie Hancock, executive director of the Enterprise Risk Management Initiative and professor of practice, believes there are many reasons behind the delayed relief and larger businesses being favored by PPP.
“You’re basically talking about the volume of loan requests coming into the SBA being a 44,000-percent increase over what they normally process,” said Hancock. “It’s a new program and [currently there are] loose rules. It’s easy to be critical but the government was trying to help out businesses before they go under.”
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