Eric Corrigan quoted in Portland Tribune article “Payroll Protection Program loans help but businesses still hurt”
May 8, 2020
Eric Corrigan, managing director of Commerce Street Capital, says a third round of funding will be needed. Like others, he said the SBA was unprepared to process $350 billion of notes in 10 days and had antiquated systems, and offered limited and conflicting guidance and no documentation. Smaller banks stepped up and had employees pull seven-days-a-week, 18-hour days to process loans.