PPP loan application deadline nears

PPP loan application deadline nears

WICHITA FALLS, Texas (TNN) - Businesses have just a few more days to apply for the Paycheck Protection Program.

“PPP has saved a lot of businesses and helped get them through some of the tighter parts of disaster recovery,” Walter Lambert with the Small Business Development Center at MSU said.

To date there have been over five million loans dispersed, translating to over half a trillion dollars in relief. The PPP is part of the CARES Act that helps businesses keep their workforce employed during the Coronavirus pandemic.

The Pecan Shed received their loan back in April.

“It was just a huge benefit for us. It let me sleep at night when I was kind of worried about how we were going to be able to make some ends meet,” Jill Montz, the Pecan Shed store manager said.

Thanks to the loan, staff was able to be paid even when things looked bad when the shutdown started.

“April was one of the hardest months for our store. Our Henrietta store took a 60% hit and the Wichita Falls store took a 25% hit,” Montz said.

Lambert says the next step for those wanting to still apply is gather your last year of tax documents then, reach out to your lender.

“If they are full and they’re not going to take any more contact us we’ve got some other lenders that we work with that are still accepting ppp loans,” Lambert said.

America’s Small Business Development Center at MSU can be reached by phone at 940-397-4373 or by email msusbdc@msutexas.edu.

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