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.
What is the rebound?
As Middle Tennessee works to rebound from the impact of the Coronavirus, we want to help. Whether it's getting back to work, making ends meet during this uncertain time, or managing the pressure, we're committed to finding solution. In addition, we want to tell your stories of hope, inspiration, and creativity as Middle Tennessee starts to rebound.
Find more in the sections below
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Safely Back to School
How schools are changing, and what you can do to help your child get the most from their education, in-person or virtual -
Making Ends Meet
Find help on topics from rent to food to new belt-tightening techniques -
Managing the Pressure
Feeling isolated or frustrated? Learn ways to connect with people virtually, get counseling or manage your stress. -
Doing What’s Right
Keep track of the way people are spending your tax dollars and treating your community. -
State of Education
Find ways to cope with the new normal around schools and celebrate students’ success in the age of Coronavirus. -
We're Open Y'all
Support local businesses doing their best to stay open and serve their customers during Covid.
