Small business owners who missed out on round one of funding from the federal government's Paycheck Protection Plan, the Small Business Administration can now try a second time.
Delaware firms didn't get much money from lender-driven program in round 1, due in part, to a lack of nationally-prominent banks serving small businesses, said SBA Delaware Director John Fleming.
"We had our regional banks that did their fair share, people like WSFS and M&T, but if you're talking about the large numbers, the ones that grabbed the headlines on the first round and grabbed a lot of the loans, we just didn't have a lot of participation from them," said Fleming.
Fleming said this time, smaller banks were allowed to get loans before the big boys, and money is available even for very small companies, and unlike in round 1, when cash ran out quickly, the financial flood is now more of a trickle.
"We have about $120 billion left nationwide, so it's available--it's for use--some people have chosen not to use it, maybe they're waiting for additional guidance to come out. If there's still money available, right now, the way the rules say, you can actually apply all the way to the end of June," said Fleming.
Fleming said any loan recipients who have second thoughts about taking the money can always return it.
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