PITTSBURGH — There’s $284 billion set aside for the new Paycheck Protection Program, and $60 million of that is for businesses that didn’t get a loan the first time.
However, a lot of businesses are already getting ready to apply for seconds.
“I gotta keep afloat. I’m not going anywhere. Kelly O’s is always going to be in Pittsburgh,” business owner Kelly O’Connor said.
O’Connor received a PPP loan in May and put it toward rent, utilities and payroll. That money ran out in about three months.
“We don’t have enough money coming in to sustain all of our bills,” O’Connor said.
During the first round of PPP loans, a lot of the funding went to larger businesses. This time, the program is making sure small businesses receive help.
Businesses with fewer than 500 employees and did not receive PPP loans in 2020 get to apply first. They can borrow up to $10 million.
Businesses applying for a second time, with fewer than 300 employees, can get up to $2 million.
Businesses have to show they’ve experienced a 25% drop in quarterly revenue.
Since O’Connor is looking to receive a second loan, she will need to wait until Wednesday to apply.
“I don’t need their money if they let me not pay my taxes. I mean, what are they doing to us? It’s frustrating,” O’Connor said. “I am totally against the loan, but I totally need it and there is no other option. There really isn’t.”
The deadline for applications is March 31 or earlier if the money runs out.
That is what obviously happened the first time.
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