ALBANY, Ga. (WALB) – Small business owners have a second chance to apply for a federal loan.
The Paycheque Protection Program (PPP) was due to expire at the end of March, but it has been extended. The PPP is now scheduled to end on May 31. The extension will help give small business owners affected by COVID-19 more opportunities to apply for loans.
“This extension will be useful because more than five million loans have been granted, saving around 52 million jobs. And in the city of Albany, there were only 200 loans, made between $ 350,000 and $ 1 million, ”said William Wright, a business owner.
Wright also said few businesses are owned by African Americans or minorities. Executives, including Wright, continue to hold “New Deal” information workshops to help boost those numbers.
Previous workshops indicated that some people were confused about how the program worked.
“It was just inundated with questions because they didn’t understand, for example, if you were a cosmetologist, esthetician, or barber, that you were also eligible for the program,” Wright explained.
Dougherty County Commissioner Victor Edwards sponsors the workshops. They have hosted eight so far and Wright said they are working on more.
“There is about $ 130 billion left in the program. We need to put as much money as possible in the hands of small businesses and Albanians, and for the region, ”Wright said.
PPP is an effort of the Small Business Administration. It was originally created under the CARES Act and was sued under U.S. bailout law last week.
There was also a delay in processing loan applications.
The extension gives the Small Business Administration until June 30 to complete the process.
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