EASTON, Pa. - For Meghan Ibach, owner of Gymtime in Easton, the last year has been a challenge.
"It was very difficult on our end, yes," Ibach said.
During the first shutdown, she was able to get a PPP loan. But she needs another one.
"So the second shutdown definitely affected my winter session and my winter session is one of my biggest revenue," Ibach said.
Luckily for her, and many others, the second stimulus package included $284 billion for new loans. But she may have to wait till the end of the week to apply.
"Everyone thinks it's available today, it's not available today. That's the problem," said Bill Bloss, an accountant based in Allentown.
He says although you can "technically" apply Monday applications opened first for community financial institutions, which serve underserved communities.
"By the end of the week your larger community banks," Bloss said.
Ibach says she doesn't mind the wait.
"I would really like to see you know that these loans, the way that they are structured, are being given to the correct businesses," Ibach said.
This time, there's also billions set aside specifically for vulnerable businesses.
Bigger loans for restaurants.
Greater flexibility in spending.
Businesses have to prove they've actually losing money this time around.
"They have to show proof of a reduction in income with the application," Bloss said.
All to ensure that this time the money actually goes to all those that need it.
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January 12, 2021 at 06:20AM
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Some businesses may need to wait before applying for PPP loans - 69News WFMZ-TV
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