04/16/2020
BT CAPITAL GROUP, LLC
Getting through this together
Good morning everyone. Most of you woke up this morning to the headlines that the $350 Billion PPP program has run out as of last night. It lasted a total of 12 days. Many of you may not have received your share of the PPP funding requested. The statistics show that only 1.4 million out of a total of 30 million eligible businesses were approved and funded. Don’t despair. Currently, there is a bill in congress to add an addition $250 Billion to the PPP program which hopefully will be approved in the coming weeks. In addition, the Federal Reserve has announced a new Main Street Lending Program, which is different than PPP, geared towards stabilization and growth capital for companies. Hopefully congress approves these two funding measures quickly as well as removes some bank regulations on “troubled loans” to allow all of us to receive the capital we desperately need.
Stay safe, stay healthy, and enjoy the time with your family and love ones. We will all get through this together.
BT Capital Group
Less than two weeks after launching on April 3, the Trump administration’s Paycheck Protection Program (PPP) for small businesses slammed by coronavirus has run out of funds.