Banks, businesses look for answers after Paycheck Protection Program runs out of funding
WICHITA FALLS, Texas (TNN) - Small businesses are left frustrated and looking for answers after the federal government announced funding for a major loan program has run out on Thursday.
The Paycheck Protection Program was already making business owners wait a while before getting help.
“I reached out to my bank, the morning that the program rolled out which was on a Friday,” Adrienne Hagler, owner of High Flyer Specialty Store, said. “They were not set up to receive applications yet so they told their customers to check back on Monday.”
She had to go to other banks where she was able to get applications in a few days later.
“It was only today that I was even able to submit an application to the bank that I do business with,” she said.
Now those applications are seemingly stuck in limbo, as the program’s 349 billion dollars of funding had been tapped out.
“I can only hope one of the three applications I submitted was able to squeak in and get submitted prior to the cutoff,” Hagler said.
Banks were also caught off guard, some ending applications tomorrow, others as early as today.
“We do have several pending applications that did not make it in time, so we’re anxiously waiting like everyone else,” president and CEO of American National Bank and Trust Dwight Berry said.
According to CBS News 1,666,397 loans were given out nationally. At American National Bank and Trust, the bank received roughly 350 applications and tried to help as many as it could.
“We knew that the number they came with to begin was low and hopefully they’re going to be able to meet again and reallocate more funds to the people that really need more help,” Berry said.
Senator John Cornyn’s office said that the earliest funding could come back is Monday, as the White House and Senate Democrats work out a possible deal, leaving business owners waiting for help.
“I don’t have any answers, I don’t have any financial assistance and at this point, I don’t even know that it’s gonna come,” Hagler said.
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