"The Paycheck Prevention Program (PPP) has been extended through August 8. It’s taken time and two rounds of funding thus far for some of the billions in federal aid to reach smaller businesses and nonprofits.
In March, Congress initially authorized $350 billion in relief funds to the Small Business Administration (SBA) to help small businesses (500 or fewer employees) meet their payrolls if forced to close due to the pandemic. It was a first-come-first-served setup in hopes that the lion’s share of the loans, which would be 100 percent forgiven if 75 percent were used for paying employees, would go to small businesses.
However, the $350 billion reportedly had mostly gone in the program’s first 13 days to larger firms, country clubs, and private schools who got in line first for the PPP loans."
At LISC Twin Cities, we've helped nine businesses navigate the challenging process of applying for PPP loans and look forward to working with more in the near future. Read more on Minnesota Spokesman Recorder.
“'We feel good about the work we’re doing,' [Peter] McLaughlin continued. 'We were attempting to overcome' what happened in the initial round 'by reaching out specifically to businesses and nonprofits and organizations that were operating in the community and didn’t have a good experience in the first round. We were trying to make up for that.'”