Small businesses see relief in new round of PPP loans

Local small business owners breathed a cautious sigh of relief Friday ( Jan. 8) when the U.S. Small Business Administration, in partnership with the U.S. Treasury Department announced the reopening of the Paycheck Protection Program (PPP). Small business owners will be able to apply for assistance through March 31, 2021.

The PPP is a government program set up in response to the economic fallout of the COVID-19 pandemic. The Department of the Treasury began taking applications for PPP loans at the beginning of April 2020. By April 16, the PPP loan fund was exhausted. According to the SBA, during the first round of PPP loans, 45 businesses in Taos County received loans totaling roughly $16 million.

Though there are stipulations, businesses that received PPP funds in 2020 can apply for a second round of funding.

“This round of the PPP continues to prioritize millions of Americans employed by small businesses by authorizing up to $284 billion toward job retention and certain other expenses through March 31, 2021, and by allowing certain existing PPP borrowers to apply for a Second Draw PPP Loan,” said the Treasury Department in a news release.

The funding is there for local businesses, but some who received a first round last April are opting to not apply for a second.

“I’m really happy. We’ve done really well,” said Leonardo Medina, manager of Robert Medina & Sons Concrete and Sand in Taos. “We aren’t doing a second [round of PPP], but I’m really happy that it’s there for those who need it.”

To apply for a loan for your small business, visit home.treasury. gov

For information on the application process and how to receive PPP and other COVID-relief funds, check out the PPP Loans and the Employee Retention Tax Credit webinar on Wednesday, Jan. 20, hosted by Neil Bradley, the executive vice president of the U.S. Chamber of Commerce. To sign up to attend, visit nmsbdc.ecenterdirect.com.