The Paycheck Protection Program (PPP) signed by President Trump as a tremendous help to small businesses with less than 500 employees. It is well-known that our local bankers have done an excellent job working with local businesses to apply for these funds, which provide payroll reimbursement for eight weeks and limited funds for incidental expenses, based on a 75/25% formula. Sounds great that local small businesses can make payroll and have money to pay for rent, utilities, etc. during this time of crisis.
Big Problem. The eight weeks of funding started the day the company signed the papers with the bank. For many in our area, that was the third week of March. Guess what? Our governor hasn't allowed small businesses to open, so there is no payroll to meet. So, the money is sitting in the bank and can't be spent because it requires that 75% go towards payroll ... so, if the company can't open, there are no employees on the payroll.
Governor Beshear is implementing policies that are hindering the implementation and administration of this program. Our local chamber of commerce, state chamber of commerce, state representatives, senators, mayors, county judges, bankers and citizens need to be seeking immediate relief from the governor regarding the shut-down of our businesses in the Commonwealth.
Our voices need to be heard.
Paula L. Pedigo