Many small business owners here in Houston are breathing a sigh of relief as the government reaches an agreement to fund the depleted loan program.
Small businesses here in Houston that missed out on a piece of the Paycheck Protection Program are gearing up for a second round of payments.
Local business owners are hoping to take advantage of this second chance of getting the loan they need to stay afloat amid the economic downturn. Tim Jeffcoat, the U.S. Small Business Administration’s Houston District Office Director, says his agency is helping thousands fill out their applications. He says many were frustrated when the government money ran out the first time.
“I really think the frustration comes down to an unprecedented demand by virtually all small businesses in the area, and the banks doing everything they can possibly do to keep up with that demand,” Jeffcoat said.
The government's payment program is administered by banks and local lending groups. Jeffcoat says in a typical year, Houston lenders provide about a billion dollars in small business loans. However, he says they met that total in just four days.
For details on SBA assistance, visit www.sba.gov/coronavirus
For details on all federal assistance, visit www.usa.gov/coronavirus