NEW ORLEANS, La. (WGNO)- Small businesses in New Orleans are banking on funding from the Paycheck Protection Program.
Some local companies have gotten the money, while others are still waiting.
Bills are stacking up and many companies are worrying about they will make ends meet. Banks across the nation are trying to help small businesses navigate through the unknown.
“All banks are dealing with this. We all have learned a lot over the last two weeks,” said Hunter Hill, IBERIABANK New Orleans Market President.
With in ten days, IBERIABANK provided support to a significant number of eligible clients that applied for funding through the Paycheck Protection Program.
“So the incentive is there for small businesses to continue paying their employees. We estimate the proceeds that we are processing are going to positively impact over 200,00 employees across our footprint,” shared Hill.
IBERIABANK helped 9,500 applicants, totaling in $1.9 billion.
“Of that, nearly 1,200 applications were accepted from small businesses right here in the New Orleans area,” said Hill. “So, one of the things in that we were most proud us of, was the fact that we were able to secure funding from the SBA for over 90% of our applicants before the initial fund was depleted.”
Which it did on April 16, that Small Business Administration ran out of money. The $349 billion in the PPP was spent but, there could be a second wave of funding on it’s way.
As for small businesses who have not received funding, Hill recommended submitting an application now.
“We’ve continued to accept new application and we are urging everyone to get their completed application and sign it it because we do anticipate this second round of funding could go very quickly,” explained Hill.
Thursday, April 23 the House is expected to vote on the Senate Amendment on the Paycheck Protection Program and the Health Care Enhancement Act.
If passed, this package will replenish those emergency funds for small businesses.
For more information on how to apply for impact payments, here are three sites to check out:
https://www.sba.gov/funding-programs/disaster-assistance
https://www.irs.gov/coronavirus/economic-impact-payment-information-center
