SBAC secured $300,000 of federal funds for Savannah area businesses
SAVANNAH, Ga. (WTOC) -Small businesses have spent weeks seeking help through federal loans. Many have received the loan, but others are left waiting until Congress approves more funding.
The Small Business Association money has tapped out after providing $350 billion in federal loans for small businesses. This money is a lifeline for small businesses, during the pandemic. Here in Savannah, the Small Business Assistance Corporation worked to help them get their applications to the SBA federal loan program for the Paycheck Protection Program. The SBAC says they helped secure $300,000 of the federal funds before it ran out.
“Everyone who submitted the full application to us, we did get it submitted to the SBA and we were able to fund them. People that were left out, we have let them know to still submit an application to us, so that we have the information ready to go. The minute they put funds in, we would like to submit them,” said Kara Fortney, a microloan program manager.
Fortney says those who were left out in the first round will be helped when funding becomes available again. Congress is expected to approve another round of funding this week.
“It took probably two and a half weeks from the time this was rolled out to get to a point where somebody was able to get me an application,” says Averil Hull.
Hull owns JW Salon. She says through SBAC, not her bank, she could get approved for the PPP loan.
“Within five business days, I was told that I was approved and that I was able to get the loan," Hull says. "Then within one day of that, my money was in my business account.”
Hull says she's fortunate to have gotten the loan in the first round.
The loans are forgivable if the business uses 75% for payroll and the other 25% to pay utilities in accordance with federal rules.
However, Terry Post of Laserlight Engraving is having to wait for the next round.
“I never got the application until last week from the SBAC,” he says.
Post says his business is struggling and he's left hoping his PPP loan comes through.
“I’ve laid off all four of my employees," he said. "In the 30 years I’ve been in business, I’ve never had to lay off employees.”
The SBAC says they helped secure $300,000 of the federal funds before it ran out.
“People that were left out, we have let them know to still submit an application to us so that we have the information ready to go the minute they put funds in,” Fortney says.
“I am so hopeful that the government realizes how important it is to open up those funds because small businesses are the cornerstone to our economy,” Hull says.
The SBAC says it helps small businesses get anywhere from $9,000 up to $75,000 for the loan.
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