Small businesses now have a second chance to take advantage of the federal Payroll Protection Plan. The PPP as it is known is administered by the Small Business Administration through local lending institutions. If you missed the first round of PPP and are wondering if your or your small business should apply, SBA Great Lakes Regional Administrator Rob Scott has this answer for you.
Maybe your business applied in round one and missed the deadline for one reason or another…you should re-apply according to Scott.
For some very small businesses or single owners, the PPP may not be the best for you. Rob Scott has some thoughts to consider.
Most important is to contact your local lender for guidance. The U.S. Small Business Administration notes the PPP is not meant to open doors immediately.
For the most up-to-date, official information regarding SBA Coronavirus programs visit SBA.gov/coronavirus. In the first round the SBA provided PPP dollars to over 1.6 million small businesses totaling just over $342-billion. Indiana received close to $7.5 billion for to nearly 36,000 small businesses.
