BATON ROUGE, La. (WAFB) - The Baton Rouge Area Chamber (BRAC) hosted a webinar Wednesday, April 29 in the hopes of helping small businesses bounce back.
Now that the federal Paycheck Protection Program (PPP) has another $310 billion, the chief policy director for the U.S. Chamber of Commerce says that will support 1.5 million more loans. Sixty billion will be set aside for small lenders, like small banks and credit unions, many of which didn’t participate in the program initially.
The director says this fresh funding is good news for many small business owners.
“The JP Morgans, the Citis can’t access this 60 billion. Only the smaller financial institutions can. If you bank with one of those, it’s a great idea to reach out, find out if they’re participating. That actually might be a way to improve your chance of getting through the system and getting your loan approved,” said Neil Radley, chief policy director for the U.S. Chamber of Commerce.
That first round of the program saw 1.7 million in loans approved.
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