FLORENCE, SC (WBTW) – The second round of Paycheck Protection Program (PPP) loans is out and right now is the time to apply. I spoke with Angela Pecca, owner of Consider the Lillies, and she says this is her first time applying for the loan so now she’s just waiting to see what’s goin to happen.
“I called my bank…Carolina Bank right across the street and I talked to them about it and they helped me fill out the application and get all of the proper paper work in order,” says Pecca.
Angela Pecca is one of the many small business owners that is in the application process for the PPP loan. Frank Knapp, President and CEO of the South Carolina Small Business Chamber of Commerce says the second round of PPP contains $310 billion in which only 6% of small businesses in South Carolina actually received funding the first round in March.
I reached out to the City of Florence to see what they are doing to help small business in the area. In a statement from Drew Griffin, Florence city manager, he says:
“After conferring with City Council, the City of Florence intends to match funds received through the CARES Act. It is the intent of the City to work through the Mayor’s Coalition to disburse the funds. The intent and disbursement of these funds will be consistent with what is allowed through the CARES Act such as – delivery of meals and food delivery, for those that lost their job due to business closure – rental and utility payment assistance, to increase the capacity and information for the delivery of health services for infectious disease response for certain medical providers. In addition, through the Downtown Development Corporation to provide limited funds to small businesses within the downtown area to assist with the reopening of an existing business.”
Knapp says he understands the frustrations from small businesses and he advises that if you did not make it through the first round of PPP loans to go apply for them now while it’s ongoing. He says you should start with your own bank or credit union that you use for commercial purposes. Start there and simply call them and say will you try to process a loan for me…yes or no…if they say no or it’s going to take a while you’re going to have to move forward and find another lender. Knapp says there are small business administrations lenders out there that you can simply Google if you find yourself in that situation.