PHOENIX - Money from the first round of the Payroll Protection Program (PPP) poured into thousands of Arizona businesses and many say it's kept them afloat, but they need more help.
The good news for businesses, applications for the second round of PPP begins Monday, Jan. 11.
An analyst said since times ahead are so uncertain, he’s advising all of his clients to apply for this second round of PPP, calling it free money.
Phoenix bakery uses PPP to stay afloat
From chocolate chip cookies to brownies and snickerdoodles, the pandemic hasn’t stopped Sweeteez from baking. But, without some help, they would likely have had to shut their doors by now.
"They have given us a nice little cushion, so we are grateful for those and hopeful we qualify for the new round," Brooke Giffin with Sweeteez said.
Businesses applying for the first time could start applications Monday, but for businesses like Sweeteez that also received the first round of PPP, they can apply Wednesday.
"It will be great if we’re able to get another round," Giffin said.
Tom Wheelwright with Wealth Ability says the whole purpose of this second round of PPP loans is to provide financial stability to small businesses.
The money is for smaller businesses with under 300 employees that have shown profit was down at least one financial quarter last year.
The family-run bakery says they aren’t the only business they know of looking for help. "Everyone, if they’re open, they’re grateful to be open. Very few have grown during this time, so if you’re able to maintain status-quo, then people are happy," Giffin said.
During the first round of PPP, the Small Business Administration (SBA) received criticism for which types of businesses received loans first. This time, the SBA says they’re setting money aside specifically for minority-owned businesses and businesses in underserved communities.
For more information about PPP, visit this link.