The House is expected to pass another stimulus bill Thursday that’s already approved by the Senate. It includes $320 billion for more business loans.
Many small business owners who didn’t get money from the first stimulus package are waiting anxiously.
For many, it’s a confusing and frustrating process with real consequences if money doesn’t come fast enough.
“I’ve had friends asking me what happened with your loan. You must have been late and the thing is no, we were actually early,” explained Dr. Guy Culpepper, with Bent Tree Family Physicians.
After more than 30 years building Bent Tree Family Physicians in Frisco, the harsh reality is that help was not on the way from the Payroll Protection Program.
“We called the bank and the bank says there’s no money left,” Dr. Culpepper explained. “My staff has been on the front lines saving thousands from going to the emergency rooms, we flattened the curve.
Dr. Culpepper was forced to furlough 70 employees.
Now, the wait is on for another round of government funding.
“I believe I’m in the line, but there’s just no feedback in this process,” he added.
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A Wednesday webinar hosted by Texas Governor Greg Abbott’s office hoped to offer some clarity.
Rodney Johnson, with the Small Business Development Center of Tarrant County, said there’s no need for small businesses to reapply if they’re already working on a PPP application with a lender pushing it through the system.
“What is critical here is that you stay in contact with the approved lender,” Johnson said. “When that funding actually becomes available, you want your application to already be in the pipeline.”
And what happens if a business receives a loan but can’t reopen right away?
“If you are in the business that’s in health care or nail salon or barbershop due to quarantine restrictions, you have until June 30 to expend those funds, and provisions will be made if you can’t spend in that time frame,” explained Bill Leaverton, with the Small Business Development Center.
Dr. Culpepper wants to see loans for essential workers prioritized.
Meantime, he’s moving his application to a smaller bank hoping for more personal attention.
And he waits.
“Our life, our livelihood, 32 years of practice is on the line here,” he said.
Webinars like the one held on Wednesday are held periodically and posted online.