Some Good News About This Lousy Pandemic

October 13, 2020 at 9:17 am Leave a comment

I actually found some good news to talk about regarding this lousy pandemic. 

First, the Treasury Department announced late last week that it was streamlining the loan forgiveness process for loans of $50,000 or less.  This is a lot less than the $150k that has been proposed in legislation advocated for by credit unions, but hey, it’s a start. 

The news that has really cheered me up a tad has to do with the American entrepreneurial spirit.  Despite all the uncertainty we see around us, it appears that it is alive and well.  Who knows?  Maybe the next Microsoft, Apple or Facebook is taking shape right now, perhaps with the help of a credit union loan. 

According to the Census Bureau, there’s been a 93.6% increase in the number of business applications compared to last year.  Furthermore, according to this survey, many of these entrepreneurs are first time business people, many of whom are trying their hand at businesses that have been hardest hit by the pandemic including restaurants and bars.    

Even allowing for the fact that some of this increase in entrepreneurial zest is attributable in part to a not so admirable attempt on the part of some to cash in on PPP loans, cynicism alone does not account for this increase.  As the Economist (subscription required) magazine pointed out recently “the entrepreneurial boom bodes well for the future.  A recovery with lots of start-ups tends to be more job rich than one without, since young firms typically seek to expand” at a quicker pace. 

For me, it’s just good to see that one of the core attributes of the American ethos remains alive and well.  Let’s not ever underestimate the value of small business loans and the importance of continuing to fight for the right of credit unions to provide them to the same extent as the local bank.     

Entry filed under: COVID-19, Economy, Economy (?). Tags: , , , .

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Authored By:

Henry Meier, Esq., Senior Vice President, General Counsel, New York Credit Union Association.

The views Henry expresses are Henry’s alone and do not necessarily reflect the views of the Association. In addition, although Henry strives to give his readers useful and accurate information on a broad range of subjects, many of which involve legal disputes, his views are not a substitute for legal advise from retained counsel.

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