Paycheck Protection Program running out of money
LAKE CHARLES, La. (KPLC) -The Small Business Administration has approved almost $4 billion for the Paycheck Protection Program.
That's the help including loans that don't have to be paid back, to help keep small businesses running during the COVID-19 pandemic.
However, the money is almost gone, so if you need it, local economic developers say apply now.
President and CEO of the Southwest Louisiana Economic Development Alliance, George Swift, says they hope there will be more money made available.
“This is designed to keep people working in your business. So, we urge folks to go to their banks and credit unions and make application even though the money is nearing its end. We think there will be another round and hopefully you will be in line to get some of that.” said Swift.
Besides that, 100% of loans can be forgiven, the money can also be used for payroll, rent. mortgage interest or utilities.
Copyright 2020 KPLC. All rights reserved.