Triangle businesses hopeful for second round of Paycheck Protection Program funding
RALEIGH, N.C. (WTVD) -- Nearly 40,000 businesses in North Carolina were approved for a Paycheck Protection Program loan during the first round of funding.
Data from the U.S. Small Business Administration shows more than $8 billion in PPP funds were approved in North Carolina as of April 16.
As a second round of funding opened up Monday, many Triangle small business owners were hopeful they'd be approved this time.
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Amber Moshakos is the president of LM Restaurants, which owns Taverna Agora, Vidrio and Carolina Ale House in Raleigh, among other restaurants.
Moshakos said LM Restaurants applied for the PPP loan the first time around, but the funds ran out.
"I'm a little bit anxious, definitely excited to have another shot," Moshakos said. "I'm really grateful that they re-funded the PPP loans and we're hopeful, got our fingers and our toes crossed that we'll make it through the second round."
Moshakos' parents started her company 41 years ago. She said they've had to lay off 2,000 employees during the pandemic and are now surviving on takeout and delivery orders.
"It's been emotionally trying," Moshakos said. "We can go a little bit longer but we're in desperate need of the government's support."
Shannon Healy is hopeful for a loan, too. He owns Alley Twenty Six in Durham. The restaurant got the PPP loan, but the funds ran out for Crook's Corner, which he co-owns.
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Raleigh-based Coastal Credit Union has a third party administering their PPP loan applications. Spokesperson Joe Mecca said he's more optimistic this time around compared to when the first round of funding came out.
"The guidelines came out on a Thursday evening and people were looking for loans on Friday morning," Mecca said. "Having to spin out programs really quickly caused a lot of chaos in the marketplace. Now that we know how the program works and everybody seems to have an idea of what they need to do, now it's just a matter of making sure the funds are, in fact, available from the SBA."
Mecca said if you already applied for a PPP loan but didn't get it the first time, you should already be in the queue and don't need to reapply. But he's advising you get an update from your lender.
"Anybody who has not yet applied, we're encouraging them to go ahead and do so as fast as they can, but for those who already have, they might just want to go back and check in on the process and see where they are," Mecca said.
Due to the high demand, an expert from North State Bank said they don't expect the funds to be there past this week.
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Moshakos is trying a different approach this time.
"We've applied with three different lenders now, three different sized banks, so hoping that one of them will be able to get us into the E-Tran/SBA system faster than the other," Moshakos said.
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