Column: The PPP is letting our small restaurants and businesses die
The [Paycheck Protection Program] was supposed to save our small restaurants and businesses. But where's the money?
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The vast majority of the nation’s 30.2 million small businesses have been left flapping in the wind. Meanwhile, the rich get richer.
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Banks, naturally, will profit. Collecting fees ranging from 1% for loans over $2 million to 5% for loans under $350,000, they stand to make billions from the PPP.
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Andy Ricker, the owner and chef of Thai restaurant chain Pok Pok, wrote that his loan application was on hold and that he and other small business owners had been “snookered by publicly traded companies who received millions and left independent small business in the gutter as the well ran dry.”
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Glanville, like James, ticked off all of the boxes. He had an existing relationship with a major bank; he applied the morning the applications went live. If it’s this difficult for those experienced with the banking system, what about business owners without banking relationships or those who face language or cultural barriers?
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Restaurants, more than any other kind of small business in this country, are symbols of promise. They’re frequently opened by immigrants and first-time business owners, non-English speakers, and others simply wishing to feed others and provide for their own families. For many, restaurants and small businesses are the quintessential entrée into the dream of creating a life in America and standing on one’s own two feet.
That dream is quickly dying, and our government has been particularly pitiless during this crisis. If we can bail out our bloated airlines, we can bail out our small restaurants. They need money, with few or no strings, and they need it fast. Otherwise, these beloved institutions that give our cities character and drive our economy will go away, and they won’t come back.