We live in surprising times.

You might think $310 billion in small business loans would have been snapped up by now. But no. It’s not happening.

2 weeks after Washington rolled out its 2nd forgivable loan program, businesses in Lexington County and elsewhere aren’t applying.

What’s going on? Several reasons.

1. The Treasury Department changed the rules after an uproar over big banks lending most of the money to big business clients.

2. Some borrowers sought duplicate loans from several lenders in case of denials or delays.

Bigger banks found that more than 10% of their applications were duplicates.

Smaller lenders report that half their applications were rejected because the applicant got a loan elsewhere.

3. Many business owners have concluded that the SBA’s Paycheck Protection Program doesn’t meet their needs.

They want clarity on the terms under which loans can be forgiven, The Wall Street Journal reported.

The program is generally aimed at companies with 500 or fewer employees.

It requires them to spend 75% of their loans on payroll to have the loan forgiven.

Many small businesses, such as restaurants and hair salons, say they can’t rehire as they are shut down. The governor last week announced salons may reopen on a limited basis starting May 18.

For many Mom and Pop businesses, payroll costs are tiny compared to rent and inventory.