GREENFIELD, Mass. (WWLP) – Financial relief for small business owners as the portal for Personal Protective Program or PPP loans reopens for the first time since last summer.
The forgivable loan is available to independent contractors all the way up to companies with 300 employees.
Andrew Bresciano with Greenfield Savings Bank said they were able to get about 720 loans secured for local businesses worth $55 million last round. However, many of those businesses need help once again.
“Those businesses want to keep those employees employed,” he told 22News. “They want to pay them instead of laying them off and these funds help secure that.”
This second round is available to businesses that received it last year as well as those taking a PPP loan out for the first time. At least 60 percent has to go towards payroll, but 40 percent can be used for things like utilities and rent.
“The round two draw they’ve expanded it a bit to include PPE for their staff but the loan can be used to cover that as well,” Bresciano said.
There are new qualifications for those looking for a second-round draw.