Paycheck Protection Program goes from popular to pariah
Small businesses were clamoring for loans when the effort launched in April, but demand has plunged — here's why.
Megan Cerullo is a New York-based reporter for CBS MoneyWatch covering small business, workplace, health care, consumer spending and personal finance topics. She regularly appears on CBS News 24/7 to discuss her reporting.
Previously, she worked as a breaking news reporter for the New York Daily News. She traveled to Puerto Rico after Hurricane Maria devastated the island and again on the storm's one year anniversary. Her reporting was cited by numerous outlets, including NY1.
As a student at the Craig Newmark Graduate School of Journalism at CUNY, she was awarded the Dennis Duggan prize for her outstanding coverage of ordinary New Yorkers by the Silurians Press Club.
She holds an MA in journalism from CUNY and a BA from Brown University. She is fluent in French, Spanish and Italian.
Small businesses were clamoring for loans when the effort launched in April, but demand has plunged — here's why.
The coronavirus amounts to "a once-in-a-generation shattering of restaurant culture," the celebrated chef says.
Virtually every major U.S. airline insisting all customers wear their own face masks while flying, starting this month.
Money from $650 billion federal rescue is a lifeline for some small businesses while others struggle to stay afloat.
One public health expert doesn't know "why on earth" every airline wouldn't implement the rule for everyone onboard.
One company founder says he hasn't "heard anything at all" about the emergency aid he applied for weeks ago.
Steak house chain says it is giving the money back because of the Paycheck program's "funding limitations."
"I never thought I'd get anything because I am a minority and a woman," said one owner after her loan was rejected.
"To spend time and money on the application and to then get nothing is really a punch in the gut," said one small retailer.
She successfully submitted an application this week, finally, but is concerned all $350 billion has been spoken for.
Millions of smaller employers may not benefit from the government's flagship loan program — here's why.
"True small businesses are at a disadvantage" in navigating the federal lending program, one owner said.
Heather Sanborn worries that the way the emergency lending program is set up could leave her saddled with debt.
Amy Wright, co-founder of Bitty and Beau's Coffee, has some advice: "Share your story with any bank that will listen."
Although details are lacking, there is little evidence that many loans have actually been made yet under the program.