SIOUX CITY, Iowa (KCAU) – A two-week application window for forgivable Paycheck Protection Program (PPP) loans opened on Wednesday that targets small businesses and nonprofits.
Money from the first round of the PPP quickly ran out last year and some small business owners missed out on those funds.
This two-week window targets employers with 19 or fewer employees and eliminates some exclusions that disqualified people in the past.
David Brown with Heritage Bank said during this two-week window, the PPP eliminates some exclusions which left out business owners in the past, including lawful residents without citizenship and people who’ve been delinquent on student loans.
“It allows sole proprietors, independent contractors, and self-employed individuals to use gross revenue versus net revenue. So it gives them more money to help them as they go through this period of time,” Brown said.
That money couldn’t come at a better time for one self-employed Siouxlander who said he was muscled out of PPP money last year.
“On the first round we were barely able to scrape by and get a little bit of money because unfortunately, the bigger corporations got all the money so then you leave the smaller companies, whether you’re a contractor, retail, restaurant, you just leave us hanging dry,” said Rogelio Serrano, a part-owner of 3R Construction.
He said he’s hopeful the two-week window period will allow him and others to get the money they need.
“We don’t have this big corporate structure above us that trickles down money when we need it. So when there’s money to help us, it’s a game-changer, really,” Serrano said.
If you’ve already applied for PPP loans this year, you can’t apply for this round.
The two-week window ends March 9 and once the two-week period ends, the current round of funding will expire at the end of March.