KANSAS CITY, Mo. — There may be greater than $100 billion up for grabs via the federal authorities’s Payroll Safety Program. However the deadline to use for one of many loans is shortly approaching: Tuesday, June 30.
To assist small enterprise homeowners safe a loan earlier than the deadline, the US Small Enterprise Administration relaunched a program referred to as “Lender Match.” Area VII Administrator Tom Salisbury, who is predicated in Kansas Metropolis, Missouri, in contrast Lender Match to hurry relationship between a enterprise proprietor and lenders who can coordinate the PPP transaction.
Salisbury mentioned the chance of getting authorized for a PPP loan for those who get your software in on time is excessive.
“I personally believe when the history of this episode in American history is actually written, they will say the PPP, along with the efforts of other agencies, very much saved this economy,” Salisbury mentioned.
Because the program went on-line in April, greater than 4.5 million companies have obtained loans totaling greater than $530 billion. In Missouri and Kansas mixed, 140,000 enterprise homeowners obtained greater than $14 billion, in line with Salisbury.
What makes the loan interesting is recipients don’t need to repay the cash in the event that they use it for sure standards like conserving workers on workers. Salisbury mentioned that element has saved unemployment numbers decrease than they may have been.
“We were very thankful to be able to keep some employees on and continually be able to pay them,” defined Maria Lopez, the co-owner of Chips and Cash, a Cuban restaurant and market in downtown Kansas Metropolis, Kansas.
She obtained a PPP loan for lower than $5,000. She mentioned it helped, however didn’t remedy all the issues COVID-19 created. Fortunately, to-go orders have been constant sufficient for her to justify conserving the restaurant open whereas closing the eating room.
“Everybody has to get creative and pivot and be as flexible as possible,” Lopez admitted.
Within the meantime, Lopez is on the lookout for different loan choices to get more cash into the enterprise to pay down money owed she’s accrued due to a discount in enterprise. Companies can not obtain a number of PPP loans.
Salisbury mentioned the SBA will hold the Lender Match program in place after the PPP deadline to assist enterprise homeowners purchase conventional loans.
Extra info on the PPP loan program and the Lender Match alternative is availble.
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