CT businesses nab $4.1 billion in payment protection loans

CT businesses nab $4.1 billion in payment protection loans

The Paycheck Protection Program offers loans to companies to pay up to eight weeks of payroll costs.

If businesses use the funds to pay workers, most if not all of the loans will be forgiven.

While the program has nearly run out of the $349 million allocated to it, and critics have said it has fallen short in the industries and states most battered by the coronavirus crisis, Treasury Secretary Steven Mnuchin insisted it has been a success.

But businesses across the state have complained that their efforts to get the loans were fruitless because the funding ran out before they could submit the hundreds of pages of documents required with applications.

"Bankers view the PPP as vitally important and have overcome issues of illness, remote working and skeletal staffing to work through a mountain of challenges presented by the program itself", he added.

"When the PPP program was first announced, we immediately mobilized a team of Lake City Bank staff from our Commercial Banking, Credit Administration, Retail Banking and Loan Operations groups", said David M. Findlay, President and Chief Executive Officer. "Lake City Bank will continue to work with our existing clients to gather information necessary for an application should the SBA reopen the program with additional funding", added Ottinger.

The LBA said in a news release that it supports Congress appropriating additional funds for PPP as many small businesses are waiting to have their applications processed.

A new survey suggests up to 80 per cent of small businesses have entirely or partially shut down due to the COVID-19 pandemic.

In a statement Sunday night on LinkedIn, Danny Meyer, Shake Shack's founder and CEO of its parent company, Union Square Hospitality Group, and Randy Garutti, Shake Shack's CEO, said the company pursued the loan because the law stipulated that it was open to any restaurant location with no more than 500 employees - which describes Shake Shack's 189 individual US restaurants.

The overall average loan size is $206,000, but 74% of the loans were for under $150,000, "demonstrating the accessibility of this program to even the smallest of small businesses", according to Mnuchin.

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