ROCKFORD, Ill. (WTVO) — The Biden administration says that changes are coming to the Paycheck Protection Program.
The president says that the country’s smallest employers will be able to access the Paycheck Protection Program first.
Biden announced the changes to the program Monday. He says he hopes this will help smaller companies, who might have missed out last time, stay in business.
However, we spoke with a couple of local owners. One says they won’t be applying.
“By getting the first PPP loan, it allowed us to move forward without as much concern or stress that we were going to be able to make ends meet. It allowed us to grow and continue to thrive in a positive way,” said Shelby Starr, the store manager at Bath + Body Fusion.
The new round of PPP targeting very small businesses. Bath + Body Fusion is located on East State Street in Rockford. After receiving funds the first go-around, the store manager says it can really boost your business.
“I think with other businesses if they were able to get that loan, you know, that would open it up to a little bit more of a positive outlook on their future as a business,” said Starr.
Many local shops and people who are self-employed didn’t get any COVID-19 relief last year. Infinite Soul Vibrations is located on E. State Street in Rockford.
We asked owner Tamika Brown if she plans to apply for the loan.
“Probably not. I just would rather not deal with the red tape. I rather just hustle and do what I have to do to keep the doors open here,” Brown responded.
Brown says she is grateful for her clients who she has relied on since the pandemic began, but she encourages other struggling business owners to see if it makes sense for them.
“There are other businesses that could be in a larger need for the funding that’s out there. I just think, you know, me, personally, I just would rather do things my own way and to push myself to work harder and push myself to gain that presence,” Brown said.
If you are a small business with under 20 employees, you can apply for the loan through March 10th.
Click here to apply to find a lender.