SWFL Business Owner Says His Bank No Longer Provides Fed Guaranteed Loans
A small business owner is already going through a difficult time as he suffers another heavy blow amid the coronavirus pandemic. Bank says it no longer has the money to distribute small business loans. We took a look at what a local business owner does as he tries to make a living.
Tony Pezza of Follow the Sun Cleaning in Collier County has been steaming tile and carpet since 1985.
“These are a lot of tough hours,” Pezza said. “When you own a small business, you get what you put into it. “
Pezza has been in the tile and grout business for 34 years.
“It’s like someone has pulled the wall out in the past three weeks,” Pezza said. “It is very slow.”
It has never been so bad for his business.
“This is why it is so imperative to try to get these loans that we are trying to do,” Pezza said. “And it’s definitely not as easy as they claim.”
Pezza has been doing business with Wells Fargo for 25 years, and the bank no longer accepts applications for loans from the federally guaranteed Paycheck Protection Program. When he tried to apply online this weekend, he came across a message saying, “We will let you know when we can continue the application process … As soon as we start accepting applications, we will add the link on this page. “
But, Sunday evening, the bank did not say more. He had received enough requests to reach the maximum of $ 10 billion allowed.
“Friday, Saturday, Sunday, and it shows the app is coming soon, coming soon,” Pezza said. “So how could they reach a cap of $ 10 billion? “
Pezza tries to go to other banks.
“Nobody takes the PPP program unless you’re a client of theirs,” Pezza said.
And an important question.
“Where am I going?” Pezza said.
At the moment, that is an unanswered question.