In this blog post, Margaret Kavanagh from WTKR provides an overview of the Paycheck Protection Program (PPP) and its impact on small businesses, particularly in the Hampton Roads area. The post discusses the Hampton Roads PPP Loans Distribution Disparity, as explained by Bob McNab, an Old Dominion University professor and economics expert, who states that the majority of the loan value went to larger- and medium-sized businesses rather than smaller ones. Jim Carroll, Vice President of Small Business at the Hampton Roads Chamber, also discusses the challenges that small businesses faced during the pandemic. Finally, Steve Bulger, Regional Administrator for the Small Business Administration, suggests potential changes to the PPP loan process for future rounds.
Overview of Paycheck Protection Program
From WTKR By: Margaret Kavanagh
Definition of Small Business
The standard definition of a small business, according to the SBA, is 500 employees or less.
Impact of Pandemic on Small Businesses
Jim Carroll, Vice President of Small Business at the Hampton Roads Chamber, discusses the challenges small businesses faced during the pandemic.
Analysis of PPP Loans in Hampton Roads
Bob McNab, an Old Dominion University professor and economics expert, analyzes the distribution of PPP loans in the region.
Distribution of Loan Value
McNab explains how the majority of the loan value went to larger- and medium-sized businesses rather than smaller businesses.
Proposed Changes for Future PPP Loans
Steve Bulger, Regional Administrator for the Small Business Administration, outlines potential changes to the PPP loan process for future rounds.
Question & Answer
What is the standard definition of a small business according to the SBA?
The standard definition of a small business, according to the SBA, is 500 employees or less.
What challenges did small businesses face during the pandemic according to Jim Carroll?
Jim Carroll, Vice President of Small Business at the Hampton Roads Chamber, discusses the challenges small businesses faced during the pandemic.
Who analyzed the distribution of PPP loans in the Hampton Roads region?
Bob McNab, an Old Dominion University professor and economics expert, analyzed the distribution of PPP loans in the region.
Where did the majority of the loan value go according to Bob McNab?
McNab explains how the majority of the loan value went to larger- and medium-sized businesses rather than smaller businesses.
Who suggested potential changes to the PPP loan process for future rounds?
Steve Bulger, Regional Administrator for the Small Business Administration, outlined potential changes to the PPP loan process for future rounds.
