CAPE GIRARDEAU, Mo. (KFVS) - Small business owners can now start applying for new paycheck protection loans.
The latest COVID relief package includes 284 billion dollars for additional lending to eligible businesses.
“If you did not get a PPP loan the first time, then you can start applying for those for what we understand today and tomorrow,” said John Mehner.
John Mehner, the president of the Cape Girardeau Area Chamber of Commerce, said the Paycheck Protection Program funds, also known as PPP, is designed to help small business overcome debt occurred by the hardships of COVID-19 .
“One thing that they have done this time is they have expanded the use of the loan. So, it can be for more than just the salaries of the employees,” said Mehner.
He says for those who need a second round of PPP aid can start applying on Wednesday, January 13.
“If you got a PPP loan the first time around, but you suffered a 25 percent loss in gross revenue over any quarter, 2020 vs 2019. We would also urge you. You are qualified to look at and apply for a PPP loan again,” he said.
Mehner encourages anyone interested in the loan program to contact their local financial lender to apply.
“Please educate yourself with anything that these loans might be able to address. And by doing so there is a possibility that this can help you get through a tough time,” he said.
The Paycheck Protection Program focuses on companies with ten or fewer employees and business in low -income areas.