Applications start Monday for new Paycheck Protection Program loans
MONTPELIER, Vt. (WCAX) - New help for struggling Vermont businesses as millions more is available in new Paycheck Protection Program loans starting Monday.
This round is made up of $284 billion across the entire country. And this time around, the Small Business Administration is targeting women and minority-owned businesses first with a carveout of $15 billion.
The Paycheck Protection Progam gives businesses hardest hit by the pandemic low-interest loans to employers to use on rent, employee salaries and PPE.
Smaller local lenders are eligible starting Monday, Jan. 11. Larger lenders can apply starting on Wednesday.
Darcy Carter, the director of the Vermont Small Business Administration, says everyone should apply, no matter the need.
“We had many small PPP loans, $2,000, $3,000, $10,000, and so we want to encourage even the smallest businesses, even a self-employed business, that they are eligible,” Carter said.
In the first round of the PPP, more than 12,000 Vermont businesses received loans totaling more than $1.2 billion.
Copyright 2021 WCAX. All rights reserved.