Businesses yet to apply for forgivable loans from the federal government have more time to do so.
The deadline for business owners to apply to the Paycheck Protection Program was extended until May 31.
The program opened back up in mid-January for businesses applying for the first or second time.
Since then roughly $14 billion in PPP loans have been handed out in Florida, according to the Small Business Administration (SBA). Now, business owners have even more time to apply.
“It actually gives them additional time to apply if they never got a chance to apply to begin with,” said SBA spokesperson Victoria Guerrero.
Guerrero is the South Florida District Director for the Small Business Administration. She said though businesses have more time to apply, it does not change the steps they have to take to apply for forgiveness.
“I want business owners to remember you have 10 months from the time that your PPP funds have run out to apply for forgiveness,” Guerrero said.
Guerrero said businesses do not need to wait for their first PPP loan to be forgiven before they can apply for the second time. They can apply as long as the funds from the first loan have been used or will be used.
It’s a step Ramona Hall already took. Her business, Phillips Concessions, received a second PPP loan.
“My focus is to keep my employees paid,” Hall told NBC 6.
Her company operates concessions at places like Miami International Airport and a local hospital.
Since receiving roughly $300,000 from the second PPP loan, she said her locations have gone back to regular business hours, hired more employees, and launched a community service initiative.
“One of the things we like to do is give back to the community. We do it consistently but we brought on support team members to do it in a more meaningful way,” Hall said.
Hall said she received forgiveness for the first PPP loan and she hopes to apply for forgiveness on the second one soon.