The $349 billion set aside for payroll protection for small businesses is already gone less than two weeks after applications started. Now, thousands of North Texas businesses are struggling to get clear answers on applications for help through the Small Business Administration.
On Thursday the Small Business Administration announced that it had exhausted the hundreds of billions of dollars so far allocated by congress for the “Paycheck Protection Program.”
According to the SBA, small businesses in Texas have received over $20-billion through the PPP program. But many who have reached out to NBCDFW said they continue to struggle to get clarity on their application and the funds they so badly need.
“I’m a month now, basically unemployed and I have employees reliant on a paycheck I can’t provide for them and I’m stuck in red tape,” small business owner Valeria Lewis-Gunn said.
Lewis-Gunn was forced to shut down her Rockwall driving school in mid-March and applied for help through SBA days later.
“Was told I would hear from someone in a week and that didn’t happen,” she said.
She has applied multiple times since and even visited the SBA’s Fort Worth location in person but still, she has no clarity on her applications and no financial help.
“I have to count my blessings, God has been good to Val but I could imagine the amount of people, the businesses who are struggling day by day,” Lewis-Gunn said.
In an email, the SBA gave the following tips to NBCDFW for businesses not among those to so far receive financial assistance:
- Continue to keep in contact with your lender. Make sure they have the documents they need to complete your PPP loan should additional funding happen.
- Now is the time to take advantage of SBA's other business resources such as our SBDCs, SCORE, Women's Business Centers to begin the process of developing a 30/60/90 day strategic plan.
- Make sure you have looked into all emergency business resources available including from your city, local chamber of commerce, and state government.
- If you did apply for a PPP or SBA EIDL loan, make sure you monitor your email for any communications that require your action. Example is the EIDL loan will require you to establish an account in the portal.
- Your lender may need additional information so be ready to act immediately.
