Small businesses struggle as government’s paycheck protection loan program goes on hold

It took only 13 days for the $350 billion coronavirus rescue program for small businesses to run out of money.

OF FEDERAL RELIEF MONEY FORSMALL BUSINESSES STRUGGLINGDURING THE CORONAVIRUSPANDEMIC IS GONE.

THE SMALLBUSINESS ADMINISTRATIONANNOUNCED TODAY IT IS NOLONGER ACCEPTING APPLICATIONS.AND THAT NEWS WAS DEVASTATINGFOR ENTREPRENEURS IN OUR AREA.WMA━2 NEWS RAY STRICKLANDEXPLAINS HOW MANY SMALLBUSINESSES ARE NOW LEFT INLIMBO.“Small businesses canlike this” It took only 13days for the 350 billiondollar coronavirus rescueprogram for small businessesto run out of money The loanprogram intended to keepbusinesses afloat and workerson the payroll is no longeraccepting any moreapplications.

This after morethan 1.5 million loanAPPLICATIONS WERE approved inless than two weeks.

But, formillions of other smallbusinesses planning to usethat money as a life line,they are now left in limbo.“Unfortunately they aregetting shut out.

They werenable to get in under the gunbefore money ran out” Mike OHalloran is with the NationalFederation of IndependentBusinesses.

Itorganization that representshundreds of thousands of smallbusinesses nationwide.“Frankly, theythey have every right to be”Oorganization did a survey ofits members 90 percent of themsay they wonanother two months with outsome type of aid.“The harshreality is that a lot of oursmall business arenweather our storm” More moneyfor small businesses could beon the way but a deal toexpand the program is atstandstill as both democratsand republicans in D.C sparover the details.

Osays congress NEEDS TO MOVE.BECAUSE TAXPAYERS HAVE no timeto waste He says the future ofcountless small businesses ison the line.“We are urgingcongress to fund the 251billion dollars more into thePPP program so we can get thismoney into the hands of thepeople who need it most.NOW AS WE JUST TOLD