Lewis Sheats Weighs in on Small Businesses Struggling with Loan Applications

Many small businesses are currently struggling with the application process for the Paycheck Protection Program, the $350 billion program a part of the federal stimulus package to help ease economic troubles during the COVID-19 crisis. Lewis Sheats, assistant vice provost for entrepreneurship and executive director of the Entrepreneurship Clinic, sees the issues with banks not being able to process loans fast enough to keep small businesses afloat. “Lots of complaints of not being able to submit – either because their bank isn’t ready, other banks are only accepting current customers or mixed information being shared online,” said Sheats.