SAN FRANCISCO/WASHINGTON: When the U.S. government first rolled out forgivable loans to small businesses in early April under the Paycheck Protection Program, loan officers at Bank of the West in Grapevine, Texas worked nights and weekends to process a tsunami of applications.
Many of Bank of the West's PPP borrowers haven't touched their PPP loan deposits, which total US$87 million, Blankenship says, partly because they are confused about the terms."I think it’s a mixture of uncertainty and anxiety and fear, and the uncontrollable factor about employment and rehiring." To ensure forgiveness, for instance, firms need to spend three-quarters of the funds on payroll. But for some firms that doesn't leave enough to cover overhead. Others don't have enough work to justify rehiring many of their pre-crisis staff.
Potential borrowers are"uncertain when we are going to reopen, uncertain what the demand will look like, uncertain about use of the program funds," said Bill Keller, president of Oakland-based Community Bank of the Bay. The returns came after the Treasury Department said large borrowers would be audited and weren't the intended recipients. About one-fourth of the amount was from hotel group Ashford Inc. and affiliates, which drew heavy criticism for taking the loans.
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