Dane County receives second round of PPP loan applications
DANE COUNTY, Wis. (WMTV) - As of Wednesday, Jan. 13, 1,562 businesses sent in applications to Dane Buy Local for the second round of Paycheck Protection Program loans (PPP). However, there are only $4 million dollars to go around.
“It’s going to be critical that we do get that loan,” Scrubs Station Owner, Ileana Rodriguez said.
She hopes the second time is a charm when it comes to applying for a small business loan.
Rodriguez was forced to close her store for weeks at a time, on multiple occasions in 2020.
She also did not qualify for a loan during the first round of the federal Paycheck Protection Program (PPP) for small businesses the summer of 2020, because her business had only been open for a few months.
“They changed some of the qualifications and the rules and I’m embracing the opportunity because we do need it,” Rodriguez said.
So far, during the pandemic, Dane Buy Local has given out $14.8 million to local businesses. However, the financial requests from Dane County businesses alone added up to more than $78 million as of June 2020.
“Easily it’s doubled since that time, and that’s just Dane County,” Dane Buy Local Executive Dir. Colin Murray said.
Murray said more needs to be done to save these businesses from closing.
“The PPP loan that just opened, that will help fill some of that gap, but the need is huge,” Murray said.
When it comes to finding additional funding, Rodriguez said she’ll take what she can get to make ends meet, until another relief bill is passed.
“It’s paramount,” Rodriguez said. “Given the experiences of the last nine months, it’s hard to forecast how we’re going to do these next nine months or year,” Rodriguez said.
Murray said to ‘hang in there’ if you don’t get approved this time around. There’s talk that Congress is expected to draft a relief package that would offer small businesses more money than in 2020.
President-elect Joe Biden released a $1.9 trillion COVID-19 relief plan Thursday afternoon. It includes an additional $1,400 in stimulus checks.
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