As PPP Lending Dries Up, Miami Valley Businesses Trust Restaurant Revitalization Fund
DAYTON, Ohio (WDTN) – A program that provided relief to small businesses during the pandemic is strapped for cash.
The Small Business Administration announced on Wednesday that the paycheck protection program was running out of funds. Now, companies that have not applied or have not been approved for the second round of funds may miss out.
“I think the PPP was instrumental in bringing small independents back to Dayton,” said Wheat Penny owner Liz Valenti.
Valenti said his restaurants, Wheat Penny and Meadowlark, received both rounds of PPP loans through the SBA. PPP loans were essential to keeping employees on the payroll and keeping businesses operating during the pandemic.
“The PPP has allowed a lot of companies to hold on, to keep the doors open, they have rotated, we have achieved, we have made cocktails, our patio pop-up, we have all evolved,” said Valenti.
More than 10 million PPP loans worth over $ 780 billion have been granted since April last year. The program has been funded by Congress twice and will expire on May 31.
According to the SBA, loan applications that have been approved will be funded.
Valenti said that while this leaves many businesses and retailers in the dark, there is a new program that will fill some of the void left for restaurants.
The Restaurant Revitalization Fund has over $ 28 billion available for bars, restaurants and other hospitality businesses.
“I think this RRF and its possible extension, the deepening of the program, will help small businesses move forward,” said Valenti.
At this time, it is unclear whether lawmakers will fund the PPP again.