Virginia claims over $12B in Paycheck Protection Program dollars as deadline closes
LYNCHBURG, Va. (WDBJ) - As the deadline for Paycheck Protection Program (PPP) applications closes, Virginia has reaped billions in approved loans.
Through June 27, Virginia has seen north of $12B in PPP loans approved.
Stephanie Keener with the Small Business Development Center - Lynchburg Region says the Lynchburg area has greatly benefited from the program.
“And I think particularly for our restaurants and our retail businesses, they were able to keep people working and keep their businesses open,” said Keener.
The development center, which is hosted at the Lynchburg Regional Business Alliance building, serves just under two percent of businesses in the region.
But in that number alone, they say they’ve been involved in several million dollars of PPP loans.
“Most of those dollars should be forgivable portions of the loan as long as those businesses, you know, follow the rules and have applied most of that funding towards payroll protection,” said Keener.
But for those who didn’t lay claim to PPP dollars, other options remain.
One avenue small businesses could explore is the Economic Injury Disaster Loan, or EIDL.
Keener says EIDL loans also have forgivable portions like PPP.
“If somebody needs cash flow or, you know, they’re having trouble paying bills because of the disaster, then they should absolutely apply,” said Keener.
EIDL loans have an advance of up to $10,000.
The Small Business Administration says this advance won’t have to be repaid.
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