LISTEN: Paycheck Protection Confusion Addressed By Paperwork Change
The federal Paycheck Protection Program distributed funds to thousands of Connecticut companies earlier this year as a way to help keep them solvent during pandemic shutdowns. The deal was: Keep your employees on the books and what was initially a loan will be converted to a grant. Sounded like a simple idea. The catch was, the paperwork to obtain that loan forgiveness was anything but simple.
However, a change just released by the Small Business Administration could help out. Connecticut Public Radio’s All Things Considered host John Henry Smith spoke with Nancy Hancock, an attorney with Pullman & Comley, about the impact of this paper shuffle.