DAYTON, Ohio (WDTN) – A program that provided relief for small businesses through the pandemic is out of money.
The Small Business Administration announced Wednesday the Paycheck Protection Program has run out of funds. Now, businesses that haven’t applied or been approved for the second round of funds might miss out.
“I think the PPP was instrumental in getting some small independents back on board in Dayton for sure,” Wheat Penny owner Liz Valenti said.
Valenti said her restaurants, Wheat Penny and Meadowlark, received both rounds of PPP loans through the SBA. The PPP loans were essential for keeping employees on the payroll and keeping businesses operating through the pandemic.
“The PPP allowed a lot of businesses to just sustain, to keep the doors open, they pivoted, we did carry out, we did carry out cocktails, our pop-up patio, we all kind of evolved,” Valenti said.
More than 10 million PPP loans worth more than $780 billion have been given out since April last year. The program’s been funded by congress twice and set to expire May 31.
According to the SBA, loan applications that have been approved will be funded.
Valenti said while this leaves many businesses and retailers in the dark, there is a new program that will fill some of the gap left behind for restaurants.
The Restaurant Revitalization Fund has more than $28 billion dollars available for bars, restaurants and other hospitality businesses.
“I think this RRF and the possible extension of it, the deeping of the program, will help small business to move ahead,” Valenti said.
Right now it’s unknown if lawmakers will fund the PPP again.