CHARLESTON, S.C. (WCBD) – More businesses are eligible to get funding from the federal government as nearly $300 billion dollars are up for grabs as part of the Paycheck Protection Program (PPP).
Last cycle, nearly $6 million was distributed for South Carolina Businesses. 7,615 South Carolina Businesses received loans greater than $150,000, and at least 1,679 of the businesses are registered in the Lowcountry.
In the current cycle, there are new parameters in place but also more flexibility and eligibility. One of those parameters that declares eligibility is the ability to show a loss of at least 25% from a quarter in 2020 in comparison to the same quarter 2019.
While still focused on payroll and employee retention, it does allow a wider range of what those funds can be applied for.
Personal protective gear is now covered as part of this, spending with restaurant supply companies was not covered, but is covered in this second round. So there are some intricacies that they learned from in the first go round that they have now applied and made it more flexible.Adrian Cain, Sr. Vice President of Leadership
Adrian Cain with the Charleston Metro Chamber of Commerce said while those who did not receive loans the first cycle are able to apply now, those who obtained money can apply again later but have to prove that 25% loss in a quarter.
While experts anticipate funds will not run out as quickly as in the last cycle, Cain said it’s best to go ahead and make applying for the loan a priority. That means reaching out to your financial institutions now even though their online portal may not open until later this week. This way you are able to go ahead and get in queue, because Cain recommended “applying as soon as possible is probably an important part.”
Another recommendation includes speaking with your accountant to learn about what taxes will look like for you.
If you think that the PPP Loans are not for you, there are other local options that are outlined by the Charleston Metro Chamber of Commerce.
The Charleston Metro Chamber of Commerce will be going into more detail about what local businesses need to know on Wednesday at 2 p.m. in their Zoom webinar. You can Register for the Small Business Seminar Funding Opportunities Webinar here.