Applications open for next round of Paycheck Protection Program

The United States Small Business Administration resumes accepting applications for the Paycheck Protection Program at 10:30 a.m.

News 12 Staff

Apr 27, 2020, 10:01 AM

Updated 1,540 days ago

Share:

There's now a second chance for drowning Long Island small businesses to get federal money to help them through the COVID-19 crisis.
The applications for the second round of the Paycheck Protection Program opened Monday.
There have been complaints for weeks from the owners of small businesses with five or 10 employees, including deli owners, barbershops and gift stores.
The really small businesses feel they were shut out of the first round of government money by larger companies which were better connected and possibly got favorable treatment by larger banks. The federal government considers any company with up to 500 employees a "small business."
"We put an application in to BNB Bank for the Olympic Diner and that went through one, two, three. We put the application in, the website came up, they called us, we signed some papers and it came through. My other business in Farmingdale, we used Capital One Bank and their website only came up a week after the money ran out," says Pete Kanaras, of the Olympic Diner.
Some people were hoping that a provision would be included in the second stimulus package that set aside a specific amount of money just for very small businesses - that didn't happen.
The Long Island's Congressional delegation called on banks to cater to smaller businesses, but businesses will have to see what happens as the second round gets underway.
Speaking at a webinar held by Newsday and the LIA, John Mallano of the Small Business Administration, said $60 billion in the stimulus is going to small and mid-sized banks.
In some cases, small banks did come up big the first time around. BNB says it obtained 2,500 loans, processing applications on a first-come, first-serve basis, no matter the size of the company or loan amount.
BNB President Kevin O'Connor says even though banks his size were given a separate chunk of money, he believes larger banks still have an advantage.
"The SBA came out with some regulations yesterday that will allow the banks that have the most applications -- 15,000+ -- to go in a separate way than banks our size, which I think will put them at an advantage," says O'Connor.
When the application process began Monday, the SBA website was overwhelmed and lenders say they had trouble submitting applications. They say it took a few hours before they were able to submit regularly.
For more information about the Paycheck Protection Program and the application process, click here.


More from News 12
2:19
Officials: Shark spotted at Lido Beach and Jones Beach

Officials: Shark spotted at Lido Beach and Jones Beach

2:26
HEAT ALERT: Hot and humid weather continues before some storms finally bring relief to Long Island

HEAT ALERT: Hot and humid weather continues before some storms finally bring relief to Long Island

7:10
Trump picks Sen. JD Vance of Ohio, a once-fierce critic turned loyal ally, as his GOP running mate

Trump picks Sen. JD Vance of Ohio, a once-fierce critic turned loyal ally, as his GOP running mate

1:18
Long Islanders seek to stay safe from sun amid intense heat

Long Islanders seek to stay safe from sun amid intense heat

0:47
NY AG, NYCLU sue Nassau County over controversial law on transgender athletes

NY AG, NYCLU sue Nassau County over controversial law on transgender athletes

0:26
Christopher Carini, Hempstead councilman and veteran law enforcement officer, has died

Christopher Carini, Hempstead councilman and veteran law enforcement officer, has died

1:58
Video of suspect in DWI crash that killed 2 Roslyn teens shown in court

Video of suspect in DWI crash that killed 2 Roslyn teens shown in court

1:49
Huntington woman says house fire may have damaged artifacts she planned to display

Huntington woman says house fire may have damaged artifacts she planned to display

0:26
Cooling centers open in Hempstead and Riverhead amid excessive heat

Cooling centers open in Hempstead and Riverhead amid excessive heat

2:07
Dr. Sanjey Gupta offers health tips amid dangerous heat conditions

Dr. Sanjey Gupta offers health tips amid dangerous heat conditions

3:40
Long Island officials reflect on Trump assassination attempt and security concerns for future public events

Long Island officials reflect on Trump assassination attempt and security concerns for future public events

3:30
Trump heads to convention as authorities investigate motive, security in assassination attempt

Trump heads to convention as authorities investigate motive, security in assassination attempt

0:17
Police: Suspect wanted for fleeing scene of crash in Shirley

Police: Suspect wanted for fleeing scene of crash in Shirley

0:28
Police: 3 people injured following wrong-way crash in West Islip

Police: 3 people injured following wrong-way crash in West Islip

1:37
Family rallies for harsher penalties for drivers under the influence of marijuana following fatal incident

Family rallies for harsher penalties for drivers under the influence of marijuana following fatal incident

1:54
Reps. Lawler, Torres to introduce bill enhancing Secret Service protection for presidential candidates

Reps. Lawler, Torres to introduce bill enhancing Secret Service protection for presidential candidates

2:04
Nassau County heightens safety precautions for public events following Trump rally shooting

Nassau County heightens safety precautions for public events following Trump rally shooting

2:37
Security increased at Trump Tower following rally shooting

Security increased at Trump Tower following rally shooting

2:07
A look back at US political violence that changed history

A look back at US political violence that changed history