The first $349 billion round of the Paycheck Protection Program was gone in 13 days. The second round of $310 billion is going far slower due to smaller loan sizes, less demand and because some businesses fear the consequences of receiving assistance.
Cory Obenour, chef and co-owner of the Blue Plate restaurant in San Francisco, prepares takeout and delivery orders. The restaurant received funds from the Paycheck Protection Program, according to the Associated Press.Cory Obenour, chef and co-owner of the Blue Plate restaurant in San Francisco, prepares takeout and delivery orders. The restaurant received funds from the Paycheck Protection Program, according to the Associated Press.
"Right at the last moment, I was like, 'I don't understand enough about this, so I'm not going to do it. I'm going to wait for the next round,' because I felt at that time there has to be a next round," she said."It's going too fast." "I would have pulled my people off of unemployment, paid them through the PPP as unemployment, and then put them back on unemployment. So it just seemed like an exercise in futility for my situation," she said.
Business owners who wanted the money have, in large part, received it. Others, like Kern-Desjarlais, have decided it's just not for them.Data from the Census Bureau show that PPP funding is finally catching up to demand.has three weeks of data, starting on April 26 — the week the second round of PPP money opened. Over all three weeks, demand for PPP money didn't rise. Each week, around 75% of businesses said they had requested PPP money since the program opened.
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