VIGO COUNTY, Ind. (WTHI) --The paycheck protection program first started for small businesses back in March, when the COVID-19 pandemic first hit. The goal was to give loans to small businesses to help pay employees and, overall, to help them stay afloat during the pandemic.
Courtney Chipol is the Regional Director for the West Central Indiana small business devolpment center. She said after 2 rounds of PPP it wasn't what they expected.
"There has been feedback from a lot of our small business owners that it's been really hard for them to access this funding, "she said.
Chipol said the problem is when PPP loan applications open up banks get overwhelmed.
"The bigger businesses, so those that do have quite a bit employees, they probably have accountants. They probably have their books ready to go. So, they get their stuff in quicker and some of our smaller businesses, it takes a little bit longer for them to access all that information," she said.
That's why the Biden administration made some changes to the next round of PPP.
Businesses with fewer than 20 employees will get an exclusive 2 week window to apply for funding.
In march, new rules enable some businesses, previously excluded from the program, to take part. That includes the self-employed, sole proprietorships, and independent contractors.
Chipol said if you have questions about the program the Indiana small business development center can help. Applications for the next round of PPP open Wednesday morning.
You can find more information on the PPP application, resources or who can qualify, here.
You can find more infromation on the Indiana small business development center, here.