Second round of PPP loans en route for businesses suffering due to COVID-19

Updated: Dec. 28, 2020 at 5:32 PM EST
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CHARLOTTESVILLE, Va. (WVIR) - More help is on the way for businesses hurt by the coronavirus pandemic.

A new $284 million round of Paycheck Protection Program (PPP) loans is part of the stimulus bill signed by President Trump on December 27. The “second draw,” includes additional funding dedicated to live music venues and 501(c)(6) nonprofits.

Rebecca Haydock, director of the Central Virginia Small Business Development Center, says she expects distribution to be much smoother this time around.

“The process is going to be much easier this time, because things were happening so quickly and changing by the minute last time,” Haydock explained. “We have not got the guidelines yet from the small business administration, we are waiting for that guidance. We expect that should be coming very soon within the next week or two.”

Haydock’s advice to businesses looking to apply: reach out to your banks now to make sure you qualify, and begin preparing your documents for the application. You may be required to demonstrate between 20% and 30% losses compared to 2019.

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