Small businesses could see second helping from Paycheck Protection Program

ROANOKE, Va. (WDBJ) – Lawmakers at our nation’s capital struck a deal overnight.

It’s a $900 billion deal that may assist many individuals nonetheless reeling from the coronavirus pandemic.

“There are such a lot of small companies which are struggling and this could simply be an incredible alternative for them,” stated Heather Fay with the Roanoke Regional Small Business Development Center.

Fay says this deal presents new hope for small companies.

With President Trump’s signature, $284 billion extra will go towards the Paycheck Protection Program.

That program doled out over $12 billion throughout our state earlier this yr earlier than it closed purposes, however extra might be on the way in which for small companies.

“To proceed to have their staff on workers and preserve their doorways open – our small companies are the heartbeat of our neighborhood,” stated Fay.

There are some {qualifications} that should be met.

Companies can not have greater than 300 staff and should have used, or plan to make use of, their first mortgage in the event that they obtained one.

“In addition to can present a 25% income decline in any 2020 quarter in comparison with the identical interval in 2019,” stated Fay.

However for hard-hit small companies, any assistance is welcomed as 2020 involves an in depth.

“We would like you guys to be right here and to proceed to function and thrive for now in addition to the long run,” stated Fay.

Over 5 million nationwide loans have been accepted earlier this yr.

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