OKEMOS, Mich. — As new details emerge from Congressional leaders and the White House on a new coronavirus relief bill, small business owners are hopeful the loan program this time will be improved.
Congressional leaders and the White House have reached a deal on a nearly $500 billion coronavirus relief bill that would add billions of dollars to the small business paycheck protection program, which originally ran out of money within minutes of taking applications.
"Basically we were standing in line and then applied as soon as it was released," said Kevin Thatcher, owner of Thatch Computer Consulting in Okemos.
At the company, the construction car sits parked, the door is closed and all 12 employees are working from home.
With business declining over the last few weeks because of the coronavirus, Thatcher says he had to lay off two employees so far.
"We don't have that funding anymore," said Thatcher.
The $349 billion Paycheck Protection Program (PPP) money quickly dried up and even though Thatcher applied early, he was left without a loan.
"This is like Uncle Sam taking a big bag of money and just throwing it up in the air," said Thatcher.
Now denied owners like Thatcher wait for the second wave, hoping results will be different.
"Fingers crossed we're going to get a loan this time," he said.
A deal reached in Congress Tuesday would pump another $310 billion into the program and $60 billion more into the Economic Injury Disaster Loan Program.
Paige Sauer, General Manager of The Summit Sports and Ice Complex, says the company will try again to get help for employees.
"Hopefully we get the support from the small loan and hopefully we can start getting some type of normalcy back into The Summit because we need it, the community needs it. I view this building as a community asset," said Sauer.
The Summit's doors are completely closed for the time being and Sauer says it is directly impacting business around the facility as well.
"It's been hard you know. I love my employees and it's been hard," said Sauer.
The loans are dispersed by financial institutions like Lake Trust Credit Union who tells FOX 47 they hope the application process remains the same so that people don't have to start applications from scratch.
"Our hope is that the current package that we finally figured out and was changing daily is the one that the current applicants will use," said Ken Michalak, Commercial Services Manager.
Their number one advice to business owners this go-round is to work with a trusted advisor like an accountant or attorney.
"The most successful ones have all those forms succinct and correct and fully support the loan request," said Michalak.
He also suggests constantly checking the federal treasury department's website, filling out the application completely and legibly.
Lake Trust Credit Union serves nearly 200,000 members in Michigan and has branches in more than 20 communities across the state.
Michalak estimates they processed around 100 PPP loans so far.
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