Small businesses struggling from the COVID-19 shutdowns are getting another round of financial help with the latest spending bill passed by Congress. Of the $900 billion approved for COVID-19 relief, $284 billion is slated for the Paycheck Protection Program, with some changes.
News Channel 3’s Dani Romero has more on the details and the impact it could have on businesses desperately in need.
The new year comes with a new round of support for struggling small businesses.
The Small Business Administration is rolling out a second round of PPP- or Paycheck Protection Program loans.
“It's a great chance for us to survive," said Christopher Malm.
Many business owners like Christopher Malm from Jake’s in Palm Springs are anxiously waiting for that lifeline.
“We want to do what we do and take out is a very small piece of our business," said Malm. "We've pivoted to do it, however, it's not as fulfilling for us.”
But starting this week things will begin to get easier. First time applicants are now able to submit a PPP request. Businesses who have already received a PPP loan can apply Wednesday.
This will be round two for Malm.
“Everything goes quick," said Malm. "So we've used it for labor. Yes, we’re going to apply for another round we have to despite the consequences on the other end.”
It’s a much needed boost thats why Governor Gavin Newsom also extended the deadline for the state’s grant program.
“We've already applied and we're grateful for the extension that the Governor just implemented last week, which gave us a little more time to get our ducks in a row," said Vicky Nelson.
The state relief is also focused on nonprofits.
“Our closure has affected 100% our business," said Nelson. "Our instructors, our classes, our workshops, our gallery have been closed since March, so we have absolutely no income revenue.”
Vicky Nelson, manager at the Desert Art Center told News Channel 3 without a doubt, the grant money would go a long way for them.
“Anything will help," said Nelson.
To apply for a PPP loan, click here.
California also opened their application process for small businesses and nonprofits seeking grants from the state’s Small Business COVID-19 Relief Grant Program. The deadline has been extended to January 13th.
To apply for CA's COVID-19 relief, click here.