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.

West Lafayette
Clear
78° wxIcon
Hi: 87° Lo: 71°
Feels Like: 80°
Kokomo
Clear
74° wxIcon
Hi: 87° Lo: 68°
Feels Like: 74°
Rensselaer
Clear
75° wxIcon
Hi: 86° Lo: 68°
Feels Like: 75°
Fowler
Broken Clouds
75° wxIcon
Hi: 83° Lo: 68°
Feels Like: 75°
Williamsport
Scattered Clouds
75° wxIcon
Hi: 85° Lo: 69°
Feels Like: 75°
Crawfordsville
Clear
68° wxIcon
Hi: 84° Lo: 70°
Feels Like: 68°
Frankfort
Clear
72° wxIcon
Hi: 85° Lo: 69°
Feels Like: 72°
Delphi
Clear
76° wxIcon
Hi: 88° Lo: 69°
Feels Like: 78°
Monticello
Clear
76° wxIcon
Hi: 89° Lo: 68°
Feels Like: 78°
Logansport
Clear
72° wxIcon
Hi: 85° Lo: 68°
Feels Like: 72°
Active Pattern Ahead
WLFI Radar
WLFI Temps
WLFI Planner

Indiana Coronavirus Cases

Data is updated nightly.

Confirmed Cases: 73287

Reported Deaths: 3036
CountyConfirmedDeaths
Marion15701725
Lake7496275
Elkhart480184
Allen3835163
St. Joseph342381
Hamilton2723104
Vanderburgh192213
Hendricks1871108
Cass17869
Johnson1741118
Porter129439
Clark120247
Tippecanoe118911
Madison94365
LaPorte89430
Howard88465
Kosciusko84712
Bartholomew78047
Marshall77422
Floyd77246
Monroe74630
Delaware71452
Dubois68712
Boone67246
Noble66329
Hancock64738
Vigo61910
Jackson5855
Warrick57930
LaGrange55710
Shelby54627
Grant52630
Dearborn49628
Morgan46734
Clinton4303
Henry37620
Wayne36810
White36110
Montgomery35221
Lawrence34227
Decatur33532
Harrison32723
Putnam2868
Miami2692
Scott26610
Daviess26420
Greene24634
Franklin24114
Jasper2342
DeKalb2304
Jennings22412
Gibson2214
Steuben2073
Ripley1997
Fayette1867
Carroll1852
Perry18412
Starke1777
Posey1700
Orange16924
Wabash1653
Fulton1642
Wells1622
Jefferson1602
Knox1510
Whitley1516
Washington1391
Tipton1379
Spencer1313
Huntington1223
Newton11810
Randolph1184
Clay1165
Sullivan1131
Adams962
Jay910
Owen871
Pulaski791
Rush764
Brown731
Fountain732
Blackford632
Ohio635
Benton610
Pike530
Parke511
Vermillion490
Switzerland460
Crawford440
Martin430
Union390
Warren221
Unassigned0202

COVID-19 Important links and resources

As the spread of COVID-19, or as it's more commonly known as the coronavirus continues, this page will serve as your one-stop for the resources you need to stay informed and to keep you and your family safe. CLICK HERE

Closings related to the prevention of the COVID-19 can be found on our Closings page.

Community Events