Almost 11,000 small business owners in Arizona have now been approved for loans to help pay their employees.
However, local businesses say the process to get a slice of the Payroll Protection Program has taken time.
Matt and Lindsay Aronson, owners of Schmear, a bagel shop in Queen Creek, applied to multiple banks to get funding, and only got approved this week.
“We just got the SBA approval yesterday, so I’m hping to expect those fund sometime this week,” Matt Aronson said.
The funding is coming just in time for the business that has been open for less than a year.
“We needed those extra funds so that we can keep payroll going so we can keep those people in the shop and the doors open,” Matt Aronson said.
The Aronsons are among 10,898 Arizona small business owners who have received a loan through the Paycheck Protection Program, according to the Small Business Administration.
The Paycheck Protection Program can help cover payroll for businesses hurt by COVID-19 and is 100% forgivable if used for outlined expenses.
“This program, we knew was going to be popular,” Paul Hickman, president and CEO of the Arizona Bankers Association, said.
Hickman says the program is nearing its current $349 billion cap, saying $301 billion has been allocated already.
As of Monday, the SBA reported about $3.5 billion of that is headed to Arizona Small Businesses.
“I think we may have another 24-36 hours of fuel left,” Hickman said. “But at that point, it’s going to run out, and if Congress doesn’t refill those coffers, we’re going to see a pause.”
Hickman expects Congress will add another $250 billion to the Paycheck Protection Program, but an agreement hasn’t been reached yet.
“You’re probably going to be fine if your application is in good shape. If the money runs out and they haven’t gotten to you yet, they’re likely to get to you,” Hickman said.
Hickman said if small businesses have been on the fence of whether to apply for the Paycheck Protection Program or other options through the SBA, he recommends they do.
Find information on how to apply for the Paycheck Protection Program here.
A list of Paycheck Protection Program lenders in Arizona can be found here.
