#92 Who Did the PPP Actually Save?

The Pitch

Josh Muccio

Technology, Business, Investing, Entrepreneurship

4.6 • 1.5K Ratings

🗓️ 1 July 2020

⏱️ 27 minutes

🔗️ Recording | iTunes | RSS

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Summary

We talk to three startup founders who got money from the Paycheck Protection Program and try to find out, what did the PPP money actually do? Learn more about your ad choices. Visit podcastchoices.com/adchoices

Transcript

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0:00.0	This is the pitch. I'm Josh Muccio. In March, as the coronavirus pandemic was crashing the economy,
0:07.0	the US government announced a program that sounded like free money.
0:11.0	Small businesses could apply for a forgivable loan to get
0:15.0	through the crisis if they kept paying their employees. They called it the
0:19.4	Paycheck Protection Program and it seemed like it was going to be a real lifeline.
0:24.0	So business owners everywhere started racing to get their piece of the pie.
0:29.0	And it got messy.
0:31.0	My bank, we intend to participate in this program.
0:35.0	Me.
0:36.0	What do you mean you intend to?
0:38.0	You're my bank.
0:39.0	Should I go to another bank?
0:40.0	No, don't worry.
0:41.0	We intend to participate.
0:42.0	What?
0:43.0	That's Margot Schmorak, co-founder and CEO of Hostfully.
0:47.0	So that I call up another bank and I'm like,
0:49.0	should I open an account with you?
0:51.0	No, if you open an account with us, we will prioritize the
0:53.8	customers who've had a line of credit with us for over six months.
0:56.5	So it's probably not worth it. Okay, bye. Then I go back to original bank.
1:00.5	Hey original bank, you guys are our only hope. You better get it. You better
	...

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