PASCAGOULA, Miss. (WLOX) - Small businesses can start applying for new Paycheck Protection Program loans as a part of the latest COVID-19 relief package, which includes $284 billion for additional lending to eligible businesses.
This week, Merchants and Marine Bank President and CEO Clayton Legear said only first-time Paycheck Protection Program loan applicants that experienced a quarterly revenue loss of at least 25% in 2020 will be eligible to apply.
“You can look at any corner. Quarter one of ’19 to quarter one of 2020 or any other quarter thereof, and if you’ve seen a drop in your income of over 25%, you would qualify for round two,” Legear said. “So that means a second chance for many businesses who may not have been allowed to access round one.”
During this time the Small Business Administration will only accept PPP loan applications from participating Community Development Financial Institutions, like Merchants and Marine Bank, to help reach more small businesses.
“These small businesses, these small local businesses that are in lower-income tracks that really need the help actually have a chance to get it without the money being gobbled up by very large companies, who may still need it but may not need it as much,” Legear said.
On Wednesday, businesses that received a PPP loan in 2020 will become eligible to apply for a second loan. This is additional help that Haygood’s Engraving and Screenprinting owner Jamie Gatchell said she will be looking into.
“Definitely excited that they are going to roll out another program. It helped us so much previously and it will help us again,” Gatchell said. “We’re very, very, thankful that it is an option that we can utilize.”