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Some small businesses can apply for PPP loans now; what you need to know

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Posted at 6:27 AM, Jan 13, 2021
and last updated 2021-01-13 07:27:17-05

NASHVILLE, Tenn. (WTVF)  — The Paycheck Protection Program (PPP) money could help struggling business owners rebound from the pandemic. Some small businesses can start applying for new PPP loans right now.

Many small businesses and a lot of those owners didn’t really get any funding from the first round of PPP loans because large corporations took a huge chunk. So, this time the government is making sure they can.

Currently, the PPP loans are only available to businesses applying at community financial institutions. These are banks and lenders that provide funding for small businesses in underserved communities.

The U.S. Treasury and the Small Business Administration said they will open the program to all small businesses soon. SBA’s Tennessee District Director LaTanya Channel says this round of loans will greatly benefit minority owned and women owned businesses.

“Statistics after statistics show that the vast majority of jobs and the vast majority of employers in this country are small business owners. And truly small business owners. We're not talking about the large corporations,” said Channel. “The vast majority of employers are small business owners. So, if our small business owners go out of business, that of course increases unemployment and affects everybody's family, their livelihood and their lives.”

There are some changes to the program on this round compared to the first time. For example, the forgiveness process is simpler, and restaurants can get bigger loans.

SBA Tennessee says to find out if you qualify to apply right now, reach out to their office by calling (615) 736-5881 or email them at tn@sba.gov.