NewsLocal News

Actions

Two-week window opens for PPP loan applications for the smallest of small businesses

Two-week window opens for PPP loan applications for the smallest of small businesses
Posted at 4:44 PM, Feb 25, 2021
and last updated 2021-02-25 20:50:31-05

SAN DIEGO (KGTV) - A two-week application window is now open, allowing so-called 'mom-and-pop' businesses, along with sole proprietors and independent contractors, to apply for PPP loans.

Just like at every local salon, the pandemic story for Aneka Hair Studio in Hillcrest hasn't been pretty.

"The pandemic has been very nerve-wracking," said owner Kirlene Roberts.

Roberts has owned the one-woman hair studio for nearly four years. She says despite a loyal clientele, the pandemic has cut her revenues by more than 50%. Her savings has been wiped out.

"Made me stressed out. Definitely had a lot of anxiety," said Roberts.

In the spring, she applied for the first round of forgivable loans as part of the Paycheck Protection Program.

"Did it right when it was open. I didn't get an email or anything, and they never told me why I didn't qualify," said Roberts.

Fast forward to December, when a federal COVID-19 relief bill poured nearly $284 billion into the PPP program.

President Biden recently announced a two-week PPP window that began Wednesday, reserved for businesses with fewer than 20 employees.

Biden's team also carving out $1 billion for sole proprietorships, including home contractors and beauticians, the majority of which are owned by women and people of color.

"Really happy someone saw us and noticed us and is putting something in place to help us out, so we can come up and rise up," said Roberts.

Roberts will spend the next few days going over the PPP loan application.

"It is going to be a lifeline. It will help be stabilize my shop and stabilize my finances," said Roberts.

President Biden's plan will also increases the loan amount to self-employed people. Administration officials say previously, the loans were based on the number of employees and some received as little as $1.