Small business owners describe an emotional month of fighting for PPP loans.
But for many small business owners, that glimmer of hope was quickly tapered by a reminder of their own experiences. After weeks of wringing their options dry as they tried to secure a loan at the same time as 1.
While waiting for news about his PPP application, Nick Pinton, who owns a fashion production company in Manhattan, started Fashion to the Frontlines with others in the fashion industry to donate cloth masks to health care professionals.If he doesn't receive a loan by May 1, he plans to furlough himself and his one employee.
For much of the last month, Ponton has searched high and low to find a bank that would process his application. He initially went to his own bank, Bank of America, but was told they were only able to review applications from customers that"We have played by the rules for a decade and the once in a million times that we need this ... you're told that your healthy business can't be serviced, because they're only giving money to people that owe them money," Ponton said.
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