Paycheck Protection Program offers new round of relief
RICHMOND, Va. (WDBJ) - Businesses that have suffered during the pandemic could find help in a new round of relief.
The Small Business Administration is reopening the Paycheck Protection Program, and lenders will begin accepting applications soon.
Businesses that participated in the first round are eligible for a second forgivable loan.
Radford native and Virginia Tech graduate John Asbury is the CEO of Atlantic Union Bank in Richmond. The company made more than 11,000 PPP loans totaling $1.7 billion during the first phase. And the company plans to provide loans to current and new customers once the SBA starts accepting applications, perhaps as early as next week.
“We are likely in for a difficult winter, with the surge in COVID,” Asbury told WDBJ7 Tuesday afternoon. “Everyone’s excited about the vaccine, but let’s face it; it’s going to be many months before that’s widely available, so we think this is serving a very important role.”
Asbury expects strong demand and encourages businesses to check their eligibility and start gathering the information they’ll need to apply.
Alison Holt-Fuller is head of product and first line risk management for Atlantic Union Bank.
“You want to see if you’re eligible. Most likely you are,” Holt-Fuller said in an interview. “The other is get your documentation together. There’s different payroll documentation required depending on the type of entity you are. This will make the process go a lot more quickly.”
Asbury said lodging and food service businesses that participated in the first round will be eligible for a second loan of up to three and a half times their monthly payroll.
“The message to the restaurants is a big, big deal,” Asbury said. “Three and a half times your average monthly payroll … is a tremendous benefit, and they should take advantage of that.”
For more information, visit Atlantic Union Bank’s website.
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