JOPLIN, Mo. — With congress passing a new pandemic relief package, many small businesses could get another paycheck protection loan if the bill is signed by the President.
The new covid-19 relief package includes roughly $248 billion in paycheck protection loans. This is the second PPP to come out during the pandemic.
Doug Hunt – Joplin Area Chamber Of Commerce, Director of Entrepreneurship, said, “Those that qualify are businesses with 300 employees or less, and if they can show a 20% or 25% percent, 20% reduction in revenue over the same period last year.”
This is the first time that businesses can get a second PPP loan, but you have to apply for it.
“Small business administration, go online, you can get on that. A lot of businesses that have accountants, they’ll be able to help you with that information, and of course the small business development center out at Missouri Southern as well.”
These loans have helped small local businesses like Mr. Appliance.
Sam Mark Willey – Mr. Appliance Owner, said, “Our business was starting to slow down, did have to lay off one of my employees. With getting these funds, was able to bring that employee back, and within two weeks of having that person back, it did give us the opportunity to start excelling.”
This second loan will help businesses cover rent, payroll, utilities, and more.
“Any small business that has an opportunity to fill out the application, and do it, I encourage you too, that’s what you pay taxes your entire life for,” said Hunt.
Willey knows from first-hand how critical filling out this application is for small businesses.
“Was a tremendous shot in the arm for me as a small business to be able to maintain and to get back on our feet and continue to grow through a slowdown in the market, which I would not have the opportunity to do as a small business,” said Willey.