CHARLESTON, W.Va. — As a second round of the Treasury Department’s Paycheck
Protection Program (PPP) reopens, more Charleston businesses are set to apply
for help.
Victoria Russo, the New Markets Consultant for the Charleston
Area Alliance (CAA) said the majority of the area businesses that have applied
for the first round of PPP will most likely be applying for the second
round.
According to Forbes, some 5,400 businesses have received about
$520 billion to date.
The small business forgivable loan program is one
of the many available monies that the CAA is trying to promote.
“We
welcome any business whether they are a member of the alliance or not, to call
us and let us help them through this process that will help some of them be able
to maintain their business structure through this difficult time,” Steven Rubin,
President & CEO of the CAA told 580-WCHS.
Forbes stated the
guidelines for those seeking a second PPP loan:
Previously received a PPP
loan and plan to or already have used the full amount for qualifying
expenses
No more than 300 employees
Experienced at least a 25% reduction
in gross receipts between comparable quarters in 2019 and 2020
Asked for no
more than $2 million; the amount granted will be based on an applicant’s
payroll
Russo told 580-WCHS that she has heard from all sorts of businesses
from restaurants, small manufacturers, service providers, machine shops, and
hotels.
Rubin said some businesses are on the up and up after 10 months
of the pandemic but not all of them.
“Some businesses are actually doing
better such as the construction business and the home repair business,” he said.
“Those are growing with a number of projects. Some of our other businesses, such
as restaurants, are struggling so much.”
Rubin encouraged citizens of the
Charleston area to get out and support small businesses as much as possible. He
said it must be done, whether in-person or e-commerce, in order for many to stay
alive and open.
“We have to come and help these people so they can
survive,” he said.