GoDaddy CEO: The second round of PPP loans will help smaller businesses. But more must be done
The good news is that the SBA is pouring more money into more microenterprises, faster.
As of January 31, $ 20 billion had been disbursed and approval rates had increased significantly. The bad news is that with more than half of that $ 40 billion already spent, microenterprises will soon have to compete with large corporations who often have strong partnerships with the banks that oversee the approval of these loans – as we do. have seen with the first PPP distribution.
As always, timing matters. While businesses of all sizes have struggled during the pandemic, many microenterprises lack the money and savings to survive until the threat of Covid-19 subsides. And, given that we now know that these entrepreneurs are strengthening our communities and our economy, it would be tragic to miss another opportunity to give them the help they need.