The U.S. Small Business Administration on Monday began once again accepting applications in a program meant to help small businesses keep workers during the COVID-19 crisis.
The first round of $349 billion in the Paycheck Protection Program loans ran out in just 13 days, and not without controversy. At least $500 million of that money went to larger, publicly-held companies, according to The Washington Post.
In Alabama, 27,922 loans went out totaling $4.9 billion in the first round of loans before the money ran out, according to the SBA.
Another $310 billion in loans nationally are up for grabs in this second round.
“Alabama small businesses are the lifeblood of our state’s economy, and I am grateful to the Small Business Administration and the federal government for offering them a critical lifeline during these uncertain times,” said Gov. Kat Ivey in a statement Monday. “The Paycheck Protection Program has been an effective tool for us in Alabama, and I am proud that the SBA is once again accepting PPP applications. As we work to gradually phase back in our business operations, I urge all small businesses to quickly take advantage of this assistance and to contact your banking institution or financial planner today.”
The SBA will forgive loans if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities, according to the SBA.
Visit the SBA’s website to learn more about which businesses qualify for the loans and how to apply.