Small Business Owners Through Massive Frustration Express Frustration When Obtaining P3 Loans – CBS Boston
LYNn (CBS) – Soul City Yoga owners Sara Bailey and Shanel Anderson are 0 for 3 trying to get a paycheck protection program loan.
“We got a phone call last Tuesday telling us we were once again ineligible and turned down,” Bailey said.
They have yoga studios in Lynn and Malden. They still hope that any form of help will keep them afloat until the pandemic is over.
“It will definitely help us continue to pay for our staff, our rent and our operating costs,” Anderson said.
Bailey and Anderson say they continue to be denied P3 loans because of their small business structure.
“The teachers we pay, we pay them as independent contractors, so they’re not considered employees,” Bailey said.
Bailey and Anderson aren’t the only small business owners frustrated with federal loan requirements.
“This program is not structured in a way that works well for very small businesses,” said Karen Kelleher, executive director of the nonprofit Local Initiatives Support Corporation.
LISC leads a coalition of banks and organizations that help provide equitable access to federal loans.
Kelleher encourages all small businesses to apply for any grant they can find and contact them for PPP assistance.
“Currently, the P3 program is open until March 31, and most people expect the resources to hold until then,” Kelleher said.
LISC is hosting a free online workshop on Saturday March 6 to help small businesses like Soul City navigate the PPP loan process.
You can register here at https://www.lisc.org/boston/covid-19/massachusetts-equitable-ppp-access-initiative/