If you did not receive a PPP loan, be ready to file again

SBA loans

WILMINGTON, N.C. (WECT) - Small businesses across the nation are suffering, and it’s no different in the Cape Fear.

The U.S. Small Business Administration stopped taking new applications under the Paycheck Protection Program Thursday after nearly $350 billion were exhausted in just two weeks.

U.S. Congressmen David Rouzer and Patrick McHenry hosted a call for business owners across the area to answer their questions Friday.

If you did not receive a PPP loan from the Small Business Administration, there could be another chance to receive some help.

U.S. Congressman Patrick McHenry (NC-10) said via conference call that the administration is working to approve another relief package.

This one will likely provide $250 billion more for PPP loans.

McHenry said he expects that to be passed sometime next week.

Those loans were just one of the concerns small business owners and workers shared with Rouzer and McHenry.

Others said a major problem was that businesses with preexisting relationships with banks were able to receive loans more easily, leaving many self-employed or independent contractors empty-handed.

“Businesses that have accounting firms that do a lot of this type of work for them were going to the bankers immediately where they already had a relationship and there’s no question that those who already had a close relationship with the banks had their accountants working on this at the get-go those folks by and large they got their money early," Rouzer said.

Both Rouzer and McHenry say the next round of funds will be first come, first serve – so if you already applied but did not receive a loan, you’ll need to do so again.

“Get your information into your lender and have all of your ducks in a row because when the funds come there will be a rush to access the program so I would get in with your lender. The first course of action is to go to your existing banking relationship and if they have all your financials it should be a faster process,” McHenry said.

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