The fact that small businesses are turning down potentially forgivable low-interest loans from the Paycheck Protection Program should be proof enough that the program is flawed.
NJBIA’s Ray Cantor tells NJ Advanced Media that the law is well-meaning, but the eight-week window and the 75% payroll strictures are unrealistic.
“Right now, a lot of businesses that are remaining closed really can’t use the money as effectively as intended for it to become a grant,” said Ray Cantor, a vice president of the Business and Industry Association. “We need businesses to be able to use the money to reopen, to restart, to get back on their feet.”
As I understand it The program is design
for me the owner and one employee of a small
contracting business to pay my employee to keep
him off unemployment and to pay myself to keep my
business capital afloat To pay my workman’s comp
My truck ins. My property taxes My quarterly taxes and so on
So if I have to pay back the money as a loan it was smoke and mirrors
Why would I borrow money to pay my
employee to save the state money then pay it back
A judge will have to explain that to me