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.”