PPP has run out of money, according to Small Business Administration. Will Lehigh Valley business get help?

PPP has run out of money, according to Small Business Administration. Will Lehigh Valley business get help?

By Ben Stimrich

April 21, 2020

The federal Small Business Administration recently announced it’s run out of money for the Paycheck Protection Program—nearly $350 billion and now congress is tasked with finding more funds. As WLVR’s Ben Stimrich reports, in the Lehigh Valley some small businesses are wondering if they will be getting any help.

“I wasn’t looking for a ridiculous amount of money, I was only applying for two people you know I only needed like $5,000.”

Rosie Young is a mother of two, going to school to be a social worker, and owns her own small business, Hocus Pocus Cleaning  Services in allentown. She enrolled in the Paycheck Protection Program within days of its launch, April 3. 

“They say…due to large volumes…we’ll let you know when it’s been approved like it’s being processed right now and then yesterday morning or yesterday afternoon that’s when the news hit they were out of money,” said Young.

WLVR News spoke with several small businesses who were unable to get their applications approved despite applying early. William Gonzalez, senior vice president of Quaint Oak Bank in the Delaware and Lehigh Valleys says they were able to help everyone who came to apply, but that wasn’t the case for all banks.

There’s only so many resources that we have…we put these applications together and several banks decided #1, they’re only helping their own customers… if you’re not a customer at the bank we can’t help you. #2 other banks were just saying, you know it’s not a program that we want to jump into and help the community,”said Gonzalez.

Gonzalez says he believes more money will be injected into the program… but the senate adjourned last week without coming to any agreements—they will reconvene at the beginning of May, but are expected to continue talks in the meantime.