Florida is among the top states when it comes to the number of small business loans handed out from the federal government this year.
Many business owners are making the decision to apply for loans through the Paycheck Protection Program (PPP) for a second time.
“I applied and I received funding this past week,” Ramona Hall said.
Hall is the owner of Phillips Concessions, LLC. Her company operates concessions at places like the Miami International Airport and at a local hospital.
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Hall said she applied for a loan from the Paycheck Protection Program for the second time. It is money, she said, that will help her small business during the pandemic.
The forgivable loan program opened back up in mid-January and many small business owners like Hall decided to dip into the PPP pot once again.
“Covid is still so uncertain. Even though some of our sales have increased slightly at some of the locations, we don’t know what the next chapter holds for us,” Hall said.
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According to data from the Small Business Administration, the distribution of the latest round of PPP money has quickly ramped up.
So far in 2021, the SBA says 1.6 million loans have been approved totaling roughly $125 billion. Roughly $114 billion went to business owners applying to the program for the second time.
Florida is among the top states when it comes to the number of loans handed out so far in 2021. According to the SBA, only California and Texas have received more loans so far this year.
“We are still in limbo. We don’t know if we are going to receive the funding or not, but we are waiting and patiently waiting,” Jessica Modkins said.
Modkins is the owner of Hip Rock Star advertising. She told NBC 6 she is still waiting to get word on whether her application for the latest round has been approved.
“I had to provide what we provided last time and a lot more. A lot more intricate details were needed this time and I get it,“ Modkins said.
Second-time applicants are required to submit additional documents showing a 25% hit to their revenue from the previous year.
Modkins said she gladly provided the additional documents in hopes her business would qualify again.
“It is just important that staff is able to go home after work and know that they are going to have a job the next day and keep employee morale up,” Modkins said.
Roughly 80% of the loans handed out so far in 2021 have gone to businesses with 10 or fewer employees, according to the SBA.
Businesses can submit first draw PPP loans until March 21, 2021.
