WATERTOWN, N.Y. (WWNY) - Local lenders are on the verge of offering round two of the Paycheck Protection Program, of PPP. This time they say things will be different for the better.
Banks are set to dole out the next round of Paycheck Protection Program money and it’s already delivering excitement.
“I can’t tell you how relieved we are and our clients are. Our phones have been ringing off the hooks,” said Liz Lonergan, regional director of Watertown Small Business Development Center.
Banks expect this round of PPP to be more orderly.
“There’s not a huge rush to get to the bank to get the financials because they’re not going to run out of money,” said
Thomas Piche, president and CEO of Carthage Savings & Loan.
The federal government has set aside $284 billion for this round and made changes to be more flexible.
“In the last round, employers had to spend 75 percent on PPP payroll costs. Now that’s down to 60, which will not impact the number of people supported. It will just give the small business owners greater flexibility using the PPP for other pieces of recovery such as utility payments and rent and mortgage,” said Lonergan.
This program is focusing on businesses with 300 or fewer employees and those which can prove a 25 percent loss in 2020. Local lenders say that applies to most area businesses. They expect to get the greenlight to start taking applications next week.
If you have questions about this new round, the Greater Watertown - North Country Chamber of Commerce is hosting a free virtual coffee talk with the Syracuse Small Business Administration Thursday morning. You can register to be a part of that on the chamber’s website.
“There is no rush, we’ll all get it done. Take your time, get your records together, and when they’re together, apply,” said Piche.