FORT WAYNE, Ind. (WANE) – One of the biggest questions facing Hoosiers is how small and large businesses are able to stay afloat amid this pandemic.
Wednesday afternoon local and state officials gave an update on what they can look forward to. State officials did say more funding is on the way and this time they are trying to gear it more towards small businesses.
The government provided funding with its paycheck protection program, but those funds were quickly exhausted in less than a month’s time period. In Indiana alone, 36,000 applications were approved totaling up to $7.4 billion.
Other federal funding such as the economic injury disaster loans also reached its max. In an attempt to answer the SOS from business owners, the Senate recently passed provisions that could possibly add more funds to aid business owners.
“$310 billion for the PPP program, $60 billion for the economic injury disaster loan, $25 billion for testing and $75 billion for the hospitals,” explained Tinisha Weigelt, district director of the office of U.S. Representative Jim Banks. “That’s additional to the other $100 billion of the legislation that passed.”
Weigelt said business owners should start reaching out to lenders and ramp-up to start applying.
One key concern some small businesses had during the first round of funding was the many larger companies were receiving help before small and local businesses had a chance.
“I have some empathy for the small businesses that were either shut out because some of the larger businesses got the money first, which is disappointing,” said House Minority Leader Phill GiaQuinta.
Weigelt said Congressman Banks is trying to send a message and convey to the secretary of treasury that the program is meant for those small businesses that are hurting right now.
Both state leaders stressed that it’s important that the community reach out to their representatives for help.