Piette Featured in In Business PPP Article

“The SBA initially had to roll out the first round in a very short time frame, and though they did a respectable job, there was a lot of confusion on the part of borrowers and lenders alike, because the Interim Final Rules (IFRs) kept changing,” he says. “As a result, there were businesses that applied for relief in the early first and second rounds that may not or should not have qualified for loans. The SBA has tightened that stuff up in this current round.” Piette notes that Round 3 started on Monday, Jan. 11, and extended this week for lenders classified as Community Development Financial Institutions (CDFIs). These are largely nonprofit organizations that typically lend to small businesses, minority businesses, and others. Meanwhile, Tuesday, Jan. 19 was the first day for community banks to accept either first- or second-draw applications. “The entire program is to ensure that you retained your employees during this period,” Piette states, “which is one of the preeminent criteria.”