Small businesses could see second helping from Paycheck Protection Program

Funds are part of a coronavirus relief package awaiting President Donald Trump’s signature
Published: Dec. 22, 2020 at 6:50 PM EST
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ROANOKE, Va. (WDBJ) - Lawmakers at our nation’s capital struck a deal overnight Tuesday.

It’s a $900 billion deal that will help many people still reeling from the coronavirus pandemic.

“There are so many small businesses that are struggling and this would just be an amazing opportunity for them,” said Heather Fay with the Roanoke Regional Small Business Development Center.

Fay says this deal offers new hope for small businesses.

With President Trump’s signature, $284 billion more will go toward the Paycheck Protection Program.

That program doled out over $12 billion across our state earlier this year before it closed applications, but more could be on the way for small businesses.

“To continue to have their employees on staff and keep their doors open - our small businesses are the heartbeat of our community,” said Fay.

There are some qualifications that have to be met.

Businesses cannot have more than 300 employees and must have used, or plan to use, their first loan if they got one.

“As well as can show a 25% revenue decline in any 2020 quarter compared to the same period in 2019,” said Fay.

But for hard-hit small businesses, any help is welcomed as 2020 comes to a close.

“We want you guys to be here and to continue to operate and thrive for now as well as the future,” said Fay.

Over five million nationwide loans were approved earlier this year.

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