2nd round of PPP loans aimed at helping local businesses
JACKSON, Tenn. — Another round of Paycheck Protection loans is set to begin, and there’s a chance your local business could greatly benefit.
The Paycheck Protection Program — which started in March of 2020 — is intended to help struggling businesses in the aftermath of the coronavirus shutdowns.
After a successful first run, the program is gearing up for a second wave of loan applications.
“Don’t allow the process to intimidate you from applying. There are resources and services that are available,” said Monique Merriweather, the director of the Tennessee Small Business Development Center.
Merriweather says they’ve had hundreds of small businesses in Jackson reach out to them.
“You can call the Tennessee Small Business Development Center, you can call theCO. There are lots of different resources that can help you navigate through that application process,” Merriweather said.
Brooks Shaw with the Old Country Store agreed. He says they applied for the first round of PPP loans and received around $370,000, allowing them to rebound.
“I personally laid off around 60 people in one afternoon. That was really tough. Once we got our loan through, we were able to start staffing back up according to how much business we had. We probably brought back around 75 percent of the jobs we had furloughed,” Shaw said.
It wasn’t just businesses either. Other organizations like schools, who were similarly affected by shutdowns, got assistance as well.
At Jackson Christian School, they were facing a massive shortfall before they applied and received over $900,000 in loans.
“That’s the reality. We really were going to struggle, and I knew for certain that we would have to make layoffs. So I was so thankful we were able to not make those layoffs and continue to pay our teachers,” said Dr. Mark Benton, president of the Jackson Christian School.
The loans will be forgiven if you meet certain requirements on how you use the money, which includes putting a certain percentage towards payroll. To make sure you’re putting accurate information, have certain documents ready.
“Payroll documents, ownership of the business, and business license,” Merriweather said.
The applications opened Monday, and prioritized minority-owned businesses. On Wednesday, they reopened to the broader economy.
“If you spend it the way the guidelines suggest you should spend it, you should be able to get those loans forgiven,” Merriweather said.
“I think it’s worth a shot for any local business to look at,” Shaw said.