Millions of small businesses are still waiting for relief from the Paycheck Protection Program, but for one local business the day has finally come.
Businesses are struggling to stay open while they wait for crucial loans to be doled out. On Friday morning, business owner Larry White woke up to news that he wouldn't need to close up shop.
“To wake up to that money was there was like, ‘Wow, we’re gonna be OK,’” White said.
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White, who owns Signature Towing, has stood in limbo for weeks waiting to see if he’d be granted a PPP loan. On Friday he got an email notifying him he’d been approved. He saw the funding in his account hours later and couldn’t help but be overcome with emotion.
“It’s my life, my family’s life, it was everything. To get it was huge,” he said.
The federal government ran out of funding the first time around in less than two weeks. But this time, White was able to nab a piece of the loan money. He says friends of his haven’t been so lucky, and they’re holding out hoping their funding will come through as well.
“We’re seeing some true small businesses getting this money… not the Shake Shacks,” he said.
The loan allows White to bring his furloughed employees back on and begin business once again. Before his load was approved, White was contemplating shutting down.
The PPP offers loans designed to provide a direct incentive for small businesses to keep workers on payroll. If owners meet certain conditions - the loans can be fully forgiven.