Apr 15, 2020
A key feature of the recently passed $2 trillion stimulus package, also known as the CARES act, is the Paycheck Protection Program, which is a Small Business Administration (SBA) fully guaranteed loan program designed to provide a direct incentive for small businesses to keep their workers on the payroll. The program launched April 3rd and has received a lot of attention due to its perceived sloppy rollout and the incredible demand for these loans from America’s struggling small businesses.
In this episode, Greg Seward, General Counsel of Wilmington, North Carolina based LiveOak Bank, talks about how the Paycheck Protection Program is working in practice and some of the challenges banks like his are having in meeting the demand for these loans. LiveOak is the largest SBA lender in the country and Greg has been consulting with the SBA and other lenders as they struggle to help support America’s small businesses during the pandemic.
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