KENTUCKY (WFIE) - There’s a lot of potential incoming support for small businesses in the commonwealth.
That includes the Paycheck Protection Program reopening and Governor Andy Beshear urging the legislature to quickly pass a separate virus relief bill.
He proposes to include $220 million in aid for small businesses.
In addition, he wants state lawmakers to include $20 million for non-profit organizations and more than $100 million to help keep the state’s unemployment insurance program afloat.
But, a solid saving grace coming down the pipeline across the country is the Paycheck Protection Program.
It’s reopening Monday.
This round includes $284 billion toward job retention and other expenses through March.
It will allow exiting PPP borrowers to apply for a second draw loan.
We caught up with Director of Economic Development in Muhlenberg County, and he says any money coming from the state will help their small businesses.
“I hope that it’s distributed equally and that the small areas and small counties can get their share of it. Sometimes things get lost in the big cities, and that’s not a knock to Louisville or Lexington or any larger city, but sometimes we as rural America, we get lost in the shuffle. I just hope that it’s shoveled out in a fair manner, so that small counties can get their fair share of it,” said Gary Jones.
Jones say while state relief would help small businesses, county organization also tried to take matters into their own hands when they saw their small businesses struggling.
“We raised $64,000 that we had for a business check stimulus program for our businesses. They had to apply for that and write out why they needed it and give a little resume on it and out of that we were able to give help to over 40 businesses with checks ranging from $1,250 to $3,000,” Jones said.
According to the SBA, borrowers can get a second draw loan if they received a first draw and have already used the full amount, among other requirements.
You can apply through any existing SBA 7(a) lender or through any federally insured depository institution, federally insured credit union, and Farm Credit System institution that is participating.
Other regulated lenders will be available to make these loans once they are approved and enrolled in the program.
You should consult with your local lender as to whether it is participating in the program.