Local and national leaders discuss how small businesses should take advantage of the PPP or EIDL
Business leaders and lenders met with Administrator Jovita Carranza to discuss how the Trump administration can support small businesses in the midst of COVID-19.
"The Paycheck Protection Program (PPP) is really the forgiveness program that's going to facilitate the liquidity of the very immediate future," Carranza said.
Leaders are encouraging small businesses to apply for the PPP or the Economic Injury Disaster Loan (EIDL). Many business owners have already taken advantage of the PPP.
"Without those PPP funds I know us and many other businesses would have struggled to survive," Tin 202 co-owner, Chris Evans said.
For other businesses, the same access hasn't been granted. As 24% of small businesses nationally have considered closing and over 10% are facing the possibility, according to Small Business for America's Future. Between the infrastructure and the accessibility to internet across the state, Sen. Manchin said the effects are showing locally.
"When you only have 16 percent of West Virginia small businesses getting some type of relief, that's 84 percent still out there," he said.
Although admin. Carranza met to also discuss the challenges businesses are facing, she said timing plays a role in businesses success. With 10 days left for businesses to take advantage of the $128 billion in the program, she said not everyone can be saved during this pandemic.
"There's not enough hours in the day for us to commit to make sure that, that occurs," Carranza said.
Senator Manchin, however, assured otherwise for those in the state.
"We have to make sure that everyone gets the opportunity to get help if they need it," he said.
Those that met with Administrator Carranza on Monday have all benefited from the PPP, but those that remain in question are the businesses that are still struggling. Sen. Manchin said every businesses is facing different challenges so the best thing to do is to contact your local senators and talk with the banks in your area about what the next steps should look like.
Applications for PPP/EIDL can be found online or those that want to apply can send in a paper application.