This is an archived article and the information in the article may be out of date. Please look at the history’s timestamp to see when it was last updated.
KANSAS CITY, Mo. – Critics are mixed on the success of a $ 350 billion federal stimulus package designed to help keep struggling businesses afloat.
While many businesses can’t even pick up their phone calls to ask for money, others have already cashed their checks.
This is all part of the controversy surrounding the paycheck protection program administered by local banks.
According to experts, many banks are reluctant to grant loans because of the Small Business Administration’s lack of clarity on how the program works.
But that hasn’t slowed the UMB, which has already approved more than $ 1 billion in loans this week.
“We thought it was our patriotic duty to step in and provide this capital to small businesses because we thought it was the best way to get the economy going,” UMB President Mariner said. Kemper.
That’s good news for Laura Norris, owner of Ragazza Restaurant near Kansas City’s Westport neighborhood.
Norris tries to retain as many of his staff as possible by selling his famous take-out lasagna. But she continues to lose money every day.
So, like millions of other small businesses, she applied for a payroll protection loan. She requested $ 200,000 from the UMB.
“I applied for the payroll protection plan on Friday and was notified on Tuesday that I was approved,” Norris said. Frankly, I didn’t expect it to be this quick.
Frankly, it hasn’t been that quick for a lot of others, including Scott Lewis who owns Big Guy’s Auto in Smithville. He has been trying all week to ask his bank for a loan of $ 7,000.
It’s even hard to call them, and they tell you that they are going to call you back and you don’t hear a thing. It’s a little frustrating. “
The loans are supposed to allow businesses to keep their employees off unemployment and on the payroll for up to eight weeks. The money will not have to be refunded if it is used to pay employees.
Norris has yet to receive her money, but Kemper has said she should have it by Monday at the latest.
Help cannot come soon enough.
Suggest a correction