Strome Business Minute With Dr. Jeff Tanner

With all the fuss over the CARES Act and its Payroll Protection Program or PPP, the second round of funding passed without so much as a whimper. Of course, most of the paperwork was completed in the first round rush. The Virginia Bankers Association says the average loan in the second round was half that granted in the first round, or about seventy-nine thousand dollars. Large banks, like Wells Fargo and Capital One, had difficulty processing loans; Wells stopped taking applications May third and Capital One was widely criticized in the first round for not accepting applications until after the funding ran out. If your business missed out, there’s still six hundred billion in the Federal Reserve’s Main Street lending program aimed at supporting small businesses with loans up to half a million. To learn more, visit odu.edu/business. This Strome Business Minute is presented by the Strome College of Business at Old Dominion University.