When the bottom suddenly dropped out of the country’s economy in March, scores of small businesses were left frantically trying to navigate a world now turned upside down. The U.S. Small Business Administration rolled out the Paycheck Protection Program (PPP) in record time, but to mixed reviews: all of the funds were exhausted in 12 days and many small businesses had been left out of the process. A second round of funding provided an additional $310 billion in a more orderly process, allowing non-bank lenders to participate. Implementing the program was challenging given its continually changing rules, but for the thousands of small businesses that successfully accessed PPP funding, it has been a lifeline that offered them resiliency in the face of a recession. Hear how one firm, TMC Financing, helped more than 1000 small businesses receive PPP loans, how its leadership is priming the organization to take the lead in submitting loan forgiveness requests and the implications of the new loan forgiveness rules as part of the Paycheck Protection Program Flexibility Act recently passed by the Senate.
+ Barbara Morrison / TMC Financing