NORTH CAROLINA, USA — Another blow to small businesses as the Paycheck Protection Program runs out of money, leaving the future even more uncertain than before.
"I'm hanging in there for right now. It's been very stressful during these times," said owner of Vintage to Vogue boutique Jennifer Graf.
She had to close her downtown Greensboro shop. She applied for the Economic Injury Disaster Loan (EIDL) and the Paycheck Protection Program (PPP), but has yet to receive the money.
The EIDL provides up to $10,000 in financial help to businesses temporarily experiencing difficulties. The PPP helps businesses keep their employees paid during the pandemic.
When she heard the PPP had a lapse in funds, she was heartbroken.
"I don’t know what’s going to happen to all the small businesses. It’s really the mom-and-pop stores I desperately need that money," she said.
There is a glimmer of hope up in the air in Congress right now. An additional $250 billion package could provide more relief for small businesses that applied to the PPP.
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"We would like to pass with unanimous consent to get that money early next week into the hands of these banks where they can then continue to distribute loans," said Rep. Mark Walker.
Walker said what's holding the bill up is conversations about additional items.
"We don’t wanna do is overburden this or add additional things that has nothing to do specifically with the Paycheck Protection Act," said Walker.
Walker said he's hoping the bill will pass through and get money into the hands of banks so they can start distributing the money again early next week.
"This is like family when you look at small businesses and how some of them operate. Like close relatives that you have to let go," said Rep. Ted Budd.
The Economic Injury Disaster Loan - also coming to a halt in terms of the application process.
The EIDL is also experiencing a lapse in funds. No new applications are being accepted at this time. However, the SBA said they will continue to process already submitted applications on a first-come, first-serve basis.
The SBA said the application process will resume if Congress approves more money for the EIDL program.
The SBA said they are working to get through applications as fast as they can, but they have never before received so many applications at one time.