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Hope for local businesses: companies seeing PPP loans deposited

Video Credit: WKBW Buffalo - Duration: 03:07s - Published
Hope for local businesses: companies seeing PPP loans deposited

Hope for local businesses: companies seeing PPP loans deposited

Some small businesses in Western New York that have been waiting for weeks to receive their Paycheck Protection Program loans, or PPP loans, from the federal government are finally seeing money hit their bank accounts.

GOOD EVENING ONCEAGAIN.SMALL BUSINESSESACROSS WESTERNNEW YORK AREWAITING FOR LOANSFROM THE FEDERALGOVERNMENT TO HITTHEIR BANKACCOUNTS.FOR SOME, IT'S BEENWEEKS OF HEARINGTHEY WEREAPPROVED FOR APAYCHECKPROTECTIONPROGRAM LOAN -BUT.....NOT A DOLLARBEING ADDED TOTHEIR BOOKS YET...SOME ARE RUNNINGTHROUGH THEIRSAVINGS AS THEY WAITFOR THAT MONEY TOCOME THROUGH ...7 EYEWITNESS NEWSANCHOR/REPORTERKATIE MORSE TELLSUS ... THERE IS NEWHOPE TONIGHTTRT: 2:40OUTCUE: KATIEMORSE, 7 EWNBOB GUGINO WITHBISON AUTOMOTIVEAND DETAIL APPLIEDFOR A PAYCHECKPROTECTIONPROGRAM LOANALMOST AS SOON ASTHE OPTION OPENEDUP.THAT FOLLOWINGMONDAY WE GOT OURPAPERWORKTOGETHER, AND WEFILED THAT MORNINGTHE VERY FIRST THINGWE DID.THAT - WAS APRIL 6TH.IT'S THREE WEEKSTHAT WE APPLIED - ANDWE'RE STILL WAITING.WAITING - FOR MONEYTHAT WILL ALLOW BOBTO PAY HIS 10EMPLOYEES ANDUTILITIES FOR EIGHTWEEKS.HE'S MANAGED TOKEEP HIS CREW ON -FOR NOW.HE STOPPED PAYINGHIMSELF, AND ISPAYING HIS GUYSUSING MONEY HE'SSAVED.WE'RE GETTING TO THEPOINT WHERE - I'MGETTING TO THEROPE'S END.PART OF BOB'SFRUSTRATION COMESFROM THE FACT THATHE WAS TOLD BYKEYBANK THAT HEWAS APPROVED.BUT EACH BANKHANDLES THE LOANAPPLICATION ANDPROCESSDIFFERENTLY -IN MANY CASES THATAPPROVAL LETTERDOESN'T MEANIMMEDIATE DOLLARSAND CENTS.THERE'S KIND OF ASTAGGERING PROCESSBETWEEN APPLYING,REVIEWED BY THEBANK, APPROVED BYTHE BANK, BUT THEFUNDS AREN'TALLOTTED TO YOURLOAN UNTIL THE BANKACTUALLY GOES INTOTHE SBA, GRABSMONEY AND LINKS IT TOYOUR LOAN.

SO THAT'STHE - I'M APPROVED,WHERE'S MY MONEY?JIM MALONEY IS ANATTORNEY WHOSEHELPED HUNDREDSOF LOCAL SMALLBUSINESSES NAVIGATETHE PPP PROCESS.HE SAYS MUCH OFTHAT INITIAL ROUNDOF MONEY WENT TOLARGER LOANS ANDLARGER COMPANIES.GUY LIKE BOB - WHOASKED FOR A 63THOUSAND DOLLARLOAN - ARE STILLWAITING.OH IT'S MADDENING.

ITHINK TO MYSELF FOREVERY BIG BUSINESSTHAT GOT 10 MILLIONDOLLARS OR 20MILLION DOLLARS HOWMANY LITTLE GUYSTHEY COULD HAVEHELPED WITH THAT.BUT JIM SAYS THESMALL BUSINESSADMINISTRATION DIDPROCESS ONE POINTSIX MILLION LOANS INTHREE WEEKS -THE SAME NUMBERTHEY USUALLY DO IN10 YEARS.HE SAYS HE KNOWSIT'S FRUSTRATING,BUT HE'S CONFIDENTTHIS SECOND ROUNDOF MONEY WILL FINDITS WAY TO LOCALBUSINESS OWNERS,SOON.WE HAVE MUCH MOREDEFINITION ANDCLARITY.

NOW THEBANKS HAVE A BETTERGRASP ON HOW TOAPPROVE THE LOANS.THERE'S A LARGENUMBER OF LOANSJUST SITTING THEREWAITING TO BEFUNDED, AND I THINKIT'S HIGHLY LIKELYJUST ABOUTEVERYBODY WHOAPPLIES IS GOING TOGET THEIR FUNDING INTHE NEXT COUPLEWEEKS.BOB IS HOPEFUL - BUTTELLS ME HOPE WON'TCASH HIS CHECK.HE'S WAITING FOR HISLOAN MONEY, ANDFOR BUSINESS TOSTART GETTING BACKTO NORMAL.YOU NEED TO KNOWTHAT THERE'S SAVINGLIVES, AND THERE'SSAVING LIVELIHOODS.AND WE NEED TO FINDA BALANCE.STANDWOULDN'T YOU KNOWTHAT HOURS BEFORETHIS STORY AIRED, ITALKED TO BOB ANDHE DID GET HIS PPPLOAN.IF YOU'RE A SMALLBUSINESS OWNER,AND YOU ALREADYAPPLIED FOR A PPPLOAN THROUGH YOURBANK -YOU DON'T HAVE TOAPPLY AGAIN FOR THISSECOND ROUND,YOU'RE ALREADYBEING CONSIDERED.UNFORTUNATELYTHERE'S NO TIMELINEFOR WHEN THEMONEY WILL COME,BECAUSE THERE AREA LOT OFAPPLICATIONS TO BEPROCESSED.BUT THIS OFFERS AGLIMMER OF HOPE TOTHOSE WHO ARE STILLWAITING.




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