{"id":11996,"date":"2020-05-18T11:20:00","date_gmt":"2020-05-18T15:20:00","guid":{"rendered":"http:\/\/www.specialtyansweringservice.net\/?p=11996"},"modified":"2020-06-29T10:46:25","modified_gmt":"2020-06-29T14:46:25","slug":"19-quotes-from-the-most-powerful-people-in-finance-on-paycheck-protection-program-loans-ppp","status":"publish","type":"post","link":"https:\/\/www.specialtyansweringservice.net\/19-quotes-from-the-most-powerful-people-in-finance-on-paycheck-protection-program-loans-ppp\/","title":{"rendered":"19 Quotes from The Most Powerful People in Finance on Paycheck Protection Program Loans (PPP)"},"content":{"rendered":"

The Paycheck Protection Program, also known as the PPP, is a business loan funded through the SBA<\/a> which has been designed to help eligible small businesses and non-profit organizations keep their workforce employed during the COVID-19 pandemic. Funds from this loan are to be used towards payroll, but can also be used for rent and other business-related utilities that will help keep small businesses afloat.<\/p>\n

As we continue to try to navigate through these unprecedented times, we look to those who can help guide us through. Here is what 19 small business leaders had to say about the Paycheck Protection Program, and the importance of providing relief to our nation’s small businesses and non-profit organizations.<\/p>\n

\"Lloyd<\/p>\n

Lloyd Blankfein – CEO, Goldman Sachs<\/strong><\/p>\n

\u201cThere will be some resentments that emerge because some people will have gotten help and others in a similar situation won\u2019t have.\u201d (source<\/a>)<\/p>\n

Drew Maloney – CEO of the American Investment Council<\/strong><\/p>\n

\u201cBusinesses across America are looking for support immediately in order to survive and continue to employ people. It shouldn\u2019t matter if these companies are backed by investments from corporations, pension funds or others. We\u2019ll continue to work with the administration and Congress to request that federal programs support all businesses, regardless of ownership structure, and their workers.\u201d (source<\/a>)<\/p>\n

Amanda Fischer – Policy director at the Washington Center for Equitable Growth\u00a0<\/strong><\/p>\n

“With such limited resources, policymakers should not be bailing out private equity general partners at the expense of small restaurants, barber shops and self-employed people. We saw from the 2008 crisis that private equity companies are some of the best-positioned firms after a crisis \u2014 gobbling up assets, increasing concentration and exacerbating inequality while workers and small business suffers. We shouldn\u2019t repeat those mistakes.” (source<\/a>)<\/p>\n

\"Jim<\/p>\n

Jim Cramer – TV personality on Real Money<\/strong><\/p>\n

“Consider the Fed and Treasury as ad hoc insurers demanding no premiums. Maybe it ends up being a small price to pay to avoid a depression.” (source<\/a>)<\/p>\n

Brian Moynihan – CEO of Bank of America<\/strong><\/p>\n

\u201cIt\u2019s clear that between Congress, the administration and the American people, we need to get all these funded and not make this a foot race. Just get the work done.\u201d (source<\/a>)<\/p>\n

Paul Merski – Lobbyist for the Independent Community Bankers of America<\/strong><\/p>\n

\u201cVirtually every small business borrower believes that this will be forgiven. They took it out assuming that it would be a grant but it\u2019s not \u2014 you have to abide by very complex rules and regulations on how this is spent.\u201d (source<\/a>)<\/p>\n

\u201cNow that over $500 billion of these loans have been approved, we\u2019re really focused on the forgiveness phase, and the forgiveness phase could be 10 times more complex than the initial program.\u201d<\/p>\n

\"Steven<\/p>\n

Steven Mnuchin – Treasury Secretary<\/strong><\/p>\n

\u201cThe objective here is to put people back to work.\u201d (source<\/a>)<\/p>\n

Karen Mills – former SBA official, now senior fellow at Harvard Business School<\/strong><\/p>\n

\u201cI have had countries including the U.K., Saudi Arabia, and Spain come to me and ask for the blueprint of the SBA, because they want to copy it.\u201d (source<\/a>)<\/p>\n

Spokesman for Marco Rubio – the Florida Republican<\/strong><\/p>\n

\u201cAt the end of the day, if there\u2019s a way to keep people connected to employment, that\u2019s what we wanted to do.\u201d (source<\/a>)<\/p>\n

Jamie Dimon – JPMorgan Chairman and Chief Executive<\/strong><\/p>\n

\u201cThousands of dedicated (staff) worked tirelessly over the past 30+ days to support the federal government in one of the largest and most ambitious emergency lending facilities in history.\u201d (source<\/a>)<\/p>\n

Bridget Weston – CEO of SCORE\u00a0\u00a0<\/strong><\/p>\n

\u201cI really want all small businesses to remember how critical they are to this economy. So we just don\u2019t want them to give up hope. It may be discouraging now, [but] we will help as many business owners as possible to get through this so they can keep their doors open and have a viable plan so that a year from now they are still running a productive and successful business.\u201d<\/p>\n

\u201cWe are recommending that small business owners reach out to either their landlords or other business vendors that they work with that have set costs and try to work out a plan and communicate to them what the small business owner is doing to get through these times.\u201d<\/p>\n

Jessica Mah – CEO of inDinero\u00a0<\/strong><\/p>\n

\u201cThis is a get-out-of-jail-free card \u2014 if you just follow the directions. And if you\u2019re worried about all your other overhead that\u2019s not employees, negotiate it. I\u2019m telling everyone: \u2018Negotiate with all your contractors and tell them to get their own PPP \u2026 and then negotiate a better price with them.\u201d (source<\/a>)<\/p>\n

Bond, Schoeneck & King lawyer Jeffrey Scheer<\/strong><\/p>\n

\u201cThere are a lot of businesses that may be closed but are continuing to pay their employees, even if their employees are home. It may sound silly, but it does give you an opportunity to hire back your employees and pay them, even though they may be … on the bench, as we say. Consider even bringing people back to have them on call, ready to work again when you are able to reopen your business.\u201d (source<\/a>)<\/p>\n

Ronald Kruszewski – CEO of Stifel Financial<\/strong><\/p>\n

“Just because a business, whether it’s an RIA or anyone else, can technically apply for a PPP loan doesn’t mean it should.\u201d (source<\/a>)<\/p>\n

Calvin Corriders – Regional President of Pathfinder Bank\u00a0<\/strong><\/p>\n

\u201cWe\u2019re all in this together. We\u2019re inextricably tied. Our local legislators, our federal legislators \u2014 they\u2019re all sensitive, all advocating for the same thing we\u2019re advocating for.\u201d (source<\/a>)<\/p>\n

\"Chris<\/p>\n

Sen. Chris Coons – Member of the Senate Small Business & Entrepreneurship Committee<\/strong><\/p>\n

\u201cThese are some of our most vulnerable small businesses. Because you know, if they got an SBA loan, they probably had difficulty getting a traditional bank loan. So these are exactly the companies we want to make sure know that for the next six months, they don\u2019t need to do anything.\u201d (source<\/a>)<\/p>\n

Steven Mnuchin and Jovita Carranza – Treasury Secretary and SBA Administrator, respectively<\/strong><\/p>\n

\u201cWe have noted the large number of companies that have appropriately reevaluated their need for PPP loans and promptly repaid loan funds in response to SBA guidance reminding all borrowers of an important certification required to obtain a PPP loan.\u00a0 To further ensure PPP loans are limited to eligible borrowers, the SBA has decided, in consultation with the Department of the Treasury, that it will review all loans in excess of $2 million, in addition to other loans as appropriate, following the lender\u2019s submission of the borrower\u2019s loan forgiveness application.\u00a0 Regulatory guidance implementing this procedure will be forthcoming. We remain fully committed to ensuring that America\u2019s workers and small businesses get the resources they need to get through this challenging time.\u201d (source<\/a>)<\/p>\n

Guy Crowgey – attorney for Crowgey & Associates<\/strong><\/p>\n

\u201cPlease make sure you clearly break out your PPP expenses paid for several reasons: your bank will want to see what the funds were used for, and also, for tax prep purposes. If you received $XXXXX in PPP funds, then your financial statements must also clearly show $XXXXX in PPP expenses.\u00a0 Each expense should be clearly labeled PPP.\u00a0 For Example: PPP-Officer Salary; PPP-Rent; PPP-Telephone.\u00a0 This will allow everyone clear view of what the funds were used for.\u201d (source<\/a>)<\/p>\n

\"George<\/p>\n

George Soros – Chairman, Soros Fund Management and Open Society Foundations<\/strong><\/p>\n

\u201cAny funds spent preserving worker paychecks and healthcare now will save money that would otherwise have to be spent on unemployment benefits and public healthcare later.\u201d (source<\/a>)<\/p>\n","protected":false},"excerpt":{"rendered":"

The Paycheck Protection Program, also known as the PPP, is a business loan funded through the SBA which has been designed to help eligible small businesses and non-profit organizations keep their workforce<\/p>\n","protected":false},"author":15,"featured_media":12004,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[238],"tags":[343,341],"class_list":["post-11996","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-advice","tag-covid-19","tag-leadership"],"acf":[],"yoast_head":"\n19 Quotes from Powerful People in Finance on PPP Loans | SAS<\/title>\n<meta name=\"description\" content=\"See what 19 of the most powerful people in finance have to say about the Paycheck Protection Loan program (PPP) as part of the CARES Act.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link 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