Business Owner Shares PPP Application Process

Breken Terry talked to a business owner who was approved for the Paycheck Protection Program.

Who worked in those fields.

Now - our coverage moves to the shoals.

There are roughly 3 dozen cases of coronavirus among lauderdale, colbert, and franklin counties.

In total - there are 2 deaths among them, a businesses owner in the shoals told waay 31 - he's been approved for the paycheck protection program but is still waiting on his money.

Waay31's breken terry is live after talking with this business owner and finding out about the process, breken?

The realtor i spoke with said he will use the 16,000 dollars to pay his employees for the next couple of months.

Matt golley owns what he called a very small llc business.

He said the small size makes it easier to keep up with the documents he needed for the paycheck protection program.

They include healthcare receipts, w2's, quarterly statements for payroll and other accounting information.

Golley called it stressful because the guidelines and applications changed several times.

He said working with his lender at bank independent helped <that's my biggest advice take away the fear.

Let someone else walk you through the process and tell you what you need and make sure it's submitted correctly.

I don't know how to submit documents like that to the government and the bank took care of that for me > under the paycheck protection program banks can basically make their own rules and they don't have to participate in the program.

Golley believes smaller banks may help you avoid some red tape.especially if you aren't asking for a ton of money.

He expects to get his money late next week.

That $16,000 will help him sustain payroll and insurance at least through june.

If you get approved to get money you have eight weeks to spend it, then it will roll over into a low interest two year loan.

Live in flo bt waay31.