Second round of funding for PPP includes $280 billion, focusing on smaller business
KTRK
HOUSTON, Texas (KTRK) The Paycheck Protection Program is back, and this time it s recalibrated to help small businesses through smaller banks rather than helping huge corporations, which were criticized for seizing funds the first time around.
The new round of funding for PPP includes more than $280 billion. It s run by the Small Business Administration, which is promising this revival will be more accurately targeted to those who need it most.
With massive job losses and business closures linked to the pandemic, many small business owners who were able to join the program last year, before it ran out of money, credit PPP with saving their livelihoods.
Second round of PPP loans focuses on minority-owned businesses
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Shipley s Do-Nuts Baker Antonio Hernandez pours glaze over a batch of doughnuts Monday, Jan. 11, 2021, in Houston. The Paycheck Protection Program is rolling out its second round. In it, small business owners such as Alan Bergeron, who owns two Shipley s franchises, will be able to apply for a second loan starting Wednesday.Yi-Chin Lee, Houston Chronicle / Staff photographer
The second round of Paycheck Protection Program (PPP) loans returns with a specific goal of helping minority-owned businesses and lower-income areas.
Following criticism from the first round that the loans assisted few minority-owned businesses, the new round of funding includes over $280 billion targeted for those needing it most.
PPP returns, giving a crucial lifeline to small, underserved Houston businesses
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Shipley s Do-Nuts Baker Antonio Hernandez finishes a batch of doughnuts Monday, Jan. 11, 2021, in Houston. The Paycheck Protection Program is rolling out its second round. In it, small business owners such as Alan Bergeron, who owns two Shipley s franchises, will be able to apply for a second loan starting Wednesday.Yi-Chin Lee, Houston Chronicle / Staff photographerShow MoreShow Less
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Shipley s Do-Nuts Afternoon Manager Lesli Leal prepares variety doughnuts Monday, Jan. 11, 2021, in Houston. The Paycheck Protection Program is rolling out its second round. In it, small business owners such as Alan Bergeron, who owns two Shipley s franchises, will be able to apply for a second loan starting Wednesday.Yi-Chin Lee, Houston Chronicle / Staff photographerShow MoreShow Less