Deadline looms for those wanting to apply for Paycheck Protection Program funding
TEMPE, Ariz. - According to new numbers from the Small Business Administration, over 75,000 Arizona businesses have received funding from the Paycheck Protection Program (PPP), with the businesses receiving funds that total nearly $8.5 billion.
The deadly to apply for the second round of PPP funding is June 30.
Austin Walter, who owns Low Key Piano Bar in Tempe, had given up on PPP funding for Round One and Round Two, which launched on April 27.
"Round One went so fast and was so corrupt, I didn't have any hope of getting it," said Walter.
CPA Mark Schreiner says more than $100 billion is still available from CARES Act Fund 2. He secured PPP funding for Walter's piano bar just two weeks ago.
"There's still plenty of money," said Schreiner. "We have provided assistance with 30 customers, and we're 30 for 30."
Schreiner says while Low Key is a small business, he’s been getting dozens of PPP loans for even smaller businesses. Self-employed businesses like landscapers, truck drivers, and housekeepers.
"If you’re self-employed, the max you can get is $21,000, but that’s a big deal because a lot of these people, their businesses dried up because everything is on hold. That can be the difference between them being able to pay their rent," said Schreiner.
Walter says the funds have certainly helped as he struggles with the pandemic and a statewide curfew that was instituted following incidents of looting and vandalism in Scottsdale and Phoenix. The curfew was lifted on Monday. He says PPP was a lifesaver.