The Paycheck Protection Program (PPP) was designed as a bridge to help business owners cross over these uncertain times to our new normal. Unfortunately, in the rush to help the entrepreneurs, guidance to apply was delayed and then changed. The self-employed and independent contractors were most effected with a delayed application date and a long line of businesses ahead of them in what has become a first come, first serve situation for loan approval.
Even with the replenishment of the PPP, it is still uncertain that the self-employed who are qualified to receive a loan may never get to use that bridge. Only time will answer that question. The good news, if we can call it that, is that entrepreneurs typically have the drive and ability to make it through uncertain times, with a little help from their friends.
The Treasury Department didn’t issue guidelines for independent contractors and the self-employed until April 14, meaning lenders and potential borrowers were initially unclear about needed documents and other requirements. Two days later, the Small Business Administration, which administers the program, announced the funds were gone.
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