What To Do To Get In On The Second Round Of PPP Loans
CHICAGO (CBS) -- CBS 2 is committed to helping remove roadblocks to getting back to business.
It's what we mean when we say we're Working for Chicago.
Our Vince Gerasole reports on what businesses need to know to get some of that cash and keep people employed.
It's an extension of the Paycheck Protection Program, the $349 billion that was spoken for in less than two weeks.
The Senate approved a relief package worth roughly $484 billion to mitigate the economic fallout of the coronavirus pandemic, ending weeks of stalemate between Democrats and Republicans.
There's advice for businesses who may have lost out on the first round.
The chairs are stacked on tables and the counters are empty at Lincoln Square's Cafe Selmarie.
"I need to put my employees back to work and we need to get our jobs back," said Birgit Kobayashi of Cafe Selmarie.
In spite of Brigit Kobayashi doing business successfully here for 37 years, she did not receive a federal Paycheck Protection Program forgivable loan.
"I thought I was doing everything right," Kobayashi said, who added that spoke with her bank, waited patiently for a problematic portal to accept her application, only to be told they were no longer being processed.
"Finally I went to another bank. And then it was too late. There was no more money," she said.
Rudy Moser's A Salon in Pilsen received close to $50,000 in PPP. He broke the news to his staff on a video call.
"It's huge for us. We are reallly happy. It's going to be huge for our employees. They can pay bills," he said.
Moser can only guess, but he believes being in constant contact with his bank helped.
"We were in communication with our bank before they were accepting applications, Moser said. "So we were high on their radar and they rushed it through."
Rhonda McFarland is with the Quad Communities Development Corporation in Bronzeville.
"This is not is not a time to give up," McFarland said. "This is a time to be resilient steadfast and persistent. Stay prepared so you don't have to get prepared."
Her advice includes if denied, ask your banker to review your application. Ask what could be improved, make sure your calculations justify your loan amount, and don't be shy about contacting your banker.
"The person who bugs you the most gets the most attention," McFarland added.
Kobayashi has already begun that process with a new bank for round two of PPP.
"There's too much at stake," Kobayashi said.
[wufoo username="cbslocalcorp" formhash="xkrloiw0xj564i" autoresize="true" height="685" header="show" ssl="true"]
