The new round of the SBA’s Paycheck Protection Program is in full swing in the greater Wilmington area.
Banks, and the agency itself, have profited from their experience with last year’s program to accelerate and improve the experience for everyone involved, according to Jim Engel, president and CEO of Aquesta Bank.
“The process is easier this time than last time,” he said. “Last time, no one knew anything. Some changes have been positive, and it’s more automated than the first time. If there is a business out there that is struggling because of COVID, they really should be looking at this; it can help them survive and get through this.”
The U.S. Small Business Administration has targeted this round’s funding at truly small businesses. To help ensure that the money was available at the community level first, the program rolled out Jan. 11 to Certified Development Companies – the entities that make SBA 504 loans. A few days later, small community banks were given the go-ahead to begin accepting applications. More recently, larger banks like Truist and Wells Fargo were invited to participate.
The agency will offer a program overview webinar Thursday from 9 a.m. to 10 a.m. (details are at the end of this story).
There are two separate pools of money: one for companies that did not receive a PPP loan in 2020 and a second pool for those that did.
According to the SBA website, at least $15 billion is being set aside for so-called “First-Draw” loans. These loans, the agency states, can be used to help fund payroll costs, including benefits, and may also be used to pay for mortgage interest, rent, utilities, worker protection costs related to COVID-19, uninsured property damage costs caused by looting or vandalism during 2020 and certain supplier costs and expenses for operations.
At least another $25 billion is available for Second-Draw loan applicants. To qualify for a second loan, these small businesses must:
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