Small businesses hurting despite Paycheck Protection Plan

Senator Todd Young says this round of funding for the Paycheck Protection Program is focused on providing relief for small businesses that are attached to smaller banking institutions.

Posted: Apr 23, 2020 6:16 PM

LAFAYETTE, Ind. (WLFI)- The Paycheck Protection Program was supposed to provide stability to small businesses that have lost revenue due to the coronavirus, but several small businesses in our area have yet to find any relief.
Michelle Donahue is the co-owner of the Jackson Hewitt Tax solution franchise in Lafayette and surrounding areas. Neither she nor several of her small business clients have received any relief from the paycheck protection program.

"I have a client who has a hair salon and I have another client who has an auto detailing company with less than 5 employees,” said Michelle Donahue. “This funding would make a big difference for them when they are actually able to start opening for business again."

On Wednesday the Senate approved a relief package worth roughly 484 billion dollars, 310 billion of that will be added to the Paycheck Protection program which ran out of money last week.

"Before the replenishment of paycheck protection in this roughly 7 and half-billion dollars in funding had already been approved for Hoosiers businesses, most of those we can infer are small businesses," said Republican Senator Todd Young of Indiana.

However, small business owners like Donahue say they are worried they won’t receive any relief with the second round of funding either.

"I think they need to look at what really qualifies as a small business," added Donahue.

That’s why Senator Todd Young says this round of funding for the Paycheck Protection Program is focused on providing relief for small businesses that are attached to smaller banking institutions.

"Our most recent legislation phase 3.5 legislation that we passed out of the senate allocates some specific funding for our smaller financial institutions,” added Senator Young. “Those banks disproportionately serve smaller firms and specifically we allocated 30 billion dollars to those institutions which have 50-billion dollars or less in assets."

Senator Todd Young says they are doing everything they can to help small businesses get the relief they need. If a small business has any questions, they can find resources on his website which can be found by clicking here.

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