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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.

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  1. I’m a self-employed massage therapist/esthetician and haven’t been able to work since mid-March. I filed for NC unemployment but my application is “still pending”, I’ve applied for COVID-19 Economic Injury Disaster Loan…no response on that yet, and today I tried to apply for the PPP loan for as a self-employed person but was told that since my bank account had not been set up as a “business account” that my bank (PNC) would not process the loan and they had no advice on where to go to get this loan. I thought there was supposed to be help for small businesses but so far there has been NO help at all. Not sure I will continue to be able to pay my bills:( or when I will be able to get back to work. SO FRUSTRATING!!