Lenders hesitant on new wave of PPP small business loans
Written by Kylea Henseler on January 5, 2021
While Congress just approved another round of Payment Protection Program lending that local experts say will be great for small businesses, lenders are still deciding whether to participate.
Sheri Fiske Schultz, CPA, a managing partner at accounting and consulting firm Fiske & Co., said she is encouraging all of her qualifying clients to apply. The new program, which caps loans at $2 million for individual companies, will be available only to businesses with 300 or fewer employees that can prove a drop in year-over-year revenue of 25% or more for any quarter of 2020.
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