Millions of small businesses are still waiting for paycheck protection relief, but for a local business the day has finally come.
Businesses are struggling to stay open while waiting for crucial loans to be made. On Friday morning, business owner Larry White woke up to learn he wouldn’t need to go out of business.
“To wake up with that money, it was like, ‘Wow, you’re gonna be okay,’” White said.
White, owner of Signature Towing, sat in limbo for weeks waiting to see if he would get a PPP loan. On Friday, he received an email informing him that he had been approved. He saw the funding on his account a few hours later and couldn’t help but be overcome with emotion.
“It’s my life, my family’s life, that was it. To get it, it was huge, ”he said.
The federal government ran out of funding for the first time in less than two weeks. But this time White was able to get some of the loan money back. He says his friends weren’t so lucky and that they are hoping their funding will arrive as well.
“We’re seeing real small businesses getting that money… not the Shake Shacks,” he said.
The loan allows White to reinstate his employees on leave and resume their activities. Before her shipment was approved, White was considering shutting down.
The PPP offers loans designed to provide direct incentives for small businesses to retain employees. If the owners meet certain conditions, the loans can be canceled entirely.