The PPP was supposed to save our small restaurants and businesses. But where's the money?
“I haven’t seen anyone with an ask of less than $50,000 get funded,” she said. Freelancers and sole proprietors — which include businesses like caterers and food truck owners — are in an even worse position as they weren’t able to apply for funds until April 10, a week after loan applications officially opened. They “didn’t really get a fighting chance at all,” she said.James is a small business owner. She applied for a loan and has received nothing. “I’ve been waiting for eight days,” she said.
, the L.A. coffee chain , opened in 2013 and has 128 employees. In the last four years, it expanded to nine locations from two — a perfect example, in some ways, of a young, growing business. Glanville contacted someone at Bank of America, GGET’s lender, who assured him: “You’re the first of my clients to get their work in and I imagine one of the first, period.” Approval seemed like a foregone conclusion. “We did all of our diligence, we made sure all of our information is accurate,” Glanville said. “We are the target company for this stimulus. Done!”Days later, no word. A few people he knew who applied through smaller regional banks began seeing approvals.
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