Leonard Johnson, shareholder in the firm's Finance group, is quoted in the Tampa Bay Business Journal article, "PPP is over. And the Main Street Lending Program is no cure-all for businesses." The article also ran in several American City Business Journal publications.
Others say banks had trouble signing up to participate — it was “a bit of a pain,” said Len Johnson, a shareholder at law firm Buchanan Ingersoll & Rooney PC. He said many of his own bank clients saw little interest from their customers and, thus, showed little interest themselves in signing up for the program.
“I think the real driver is there’s not sufficient interest and the loan,” Johnson said. “I think maybe some companies who are actually very healthy may take advantage of it. I don't think the weakest of the bunch will do it."
The program's other problem? It comes with more restrictions than other potential loans, he said, including limitations on executive compensation and dividends, making it that much less appetizing. “I think it was well-intentioned, and I also think that it has missed the mark,” Johnson said.