The Associated Press
June 29, 2020, 3:12 PM
NEW YORK (AP) — Billions of dollars offered by Congress as a lifeline to small businesses struggling to survive the pandemic are about to be left on the table when a key government program stops accepting applications for loans.
Business owners and advocacy groups complain that the money in the Paycheck Protection Program was not fully put to work because the program created obstacles that stopped countless small businesses from applying. For those that did seek loans, the ever-changing application process proved to be an exercise in futility.
“It was a flawed structure to begin with,” said John Arensmeyer, CEO of Small Business Majority, an advocacy group. “It favored established businesses. It was set up to give money to people with strong banking relationships.”