Banks are Reversing Course on PPP Loans to Small Business Owners

Posted on AllSides July 16th, 2021
From The Left

FOR 24 YEARS, Ericka Gray has owned her own mediation and arbitration business in Arlington, Massachusetts, helping organizations navigate workplace disputes. But when the Covid-19 pandemic began, her income completely dried up. “I had no business, nothing for a number of months,” she said. “Everybody was otherwise occupied.”

Her bank, Citizens Bank, kept sending her emails prompting her to apply for a loan from the Paycheck Protection Program, which Congress passed early in 2020 to issue relief money to small business owners in order to keep workers employed and companies from shuttering....

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