Paycheck Protection Program makes a comeback
CHARLESTON, W.Va. (WSAZ) - There’s renewed hope for small business owners after applications for loans through the Paycheck Protection Program reopened Monday morning.
The program, has provided $525 billion for small businesses across the United States.
Many know the program simply as PPP, according to the Untied States Small Business Association. It was created to help businesses keep employees on payroll during times of need.
The COVID-19 pandemic has been a trying time for small businesses all over, but owners say the money helps.
“We were able to open up our building again. Of course, all of our employees came back that could,” said Krisene Stanley, owner of Johnnie’s Fresh Meat Market.
Before getting a loan, the meat market was closed and the business was operating via curbside delivery. Stanley says her PPP loan was instrumental in getting things back on track.
She was also able to afford more expenses created by the pandemic -- items like extra gloves, gallons of hand sanitizer and plexiglass.
Capitol Market hosts several small businesses, and officials say the money helps those businesses, as well as the market individually.
The program allowed the Market to set aside money for utilities and other expenses.
“We have a lot to look out for, so we are always looking for opportunities,” said Nichole-Greene Jenkins, executive director of Capitol Market.
Stanley says she hopes she qualifies for the next round of loans through the program. If she is approved, she plans on giving most of the money to her employees as bonuses.
Loan applications for the program will be accepted through March 31.
For a link to the application and more on qualifications, tap here.
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