Female-owned small business reacts to PPP loan change
RENO, Nev. (KOLO) - Much-needed COVID-19 relief is on the way for small minority and female-owned businesses across the nation, including Nevada.
“Americans’ small businesses are hurting and they’re hurting badly and they need help now,” President Joe Biden said.
On Monday, February 22, 2021, the Biden Administration announced an expansion of the Paycheck Protection Program (PPP). It’s designed to help the country’s smallest businesses.
“They’re the glue and heart and the soul of our communities, but they’re getting crushed.”
Starting Wednesday, February 24, 2021, establishments with fewer than 20 employees will have an exclusive two-week window to apply for funding. Such businesses make up the majority of small businesses in the U.S.
“These changes will bring much-needed, long overdue help to small businesses who really need help staying open,” Mr. Biden said.
Amber Aramini, Owner of Sierra Belle Boutique in Midtown agrees. She added, “I think it could really help, that’s a great idea and I think that it will all the businesses around here so much.”
The women’s clothing store has been open for about five years, but Aramini has been running it with only three other employees since July 2020 with COVID in full force.
“It’s been pretty challenging because you always have to keep an eye out for the next rule and stuff,” Aramini said.
She believes this new funding could help expand her website, among other things that would help her small business continue to grow.
Aramini added, “It’s a possibility that I would be super interested in applying for.”
She says she’s not only thankful for the relief from the government but also the community rallying around local shops.
“They have supported us so much, and honestly without them, I would not be open right now.”
This change to the PPP will provide additional hope for mom and pop businesses so they, too, can feel strong enough to make it through this pandemic.
President Biden and his team also carved out $1 billion to direct toward sole proprietors, such as home contractors and beauticians, the majority of which are owned by women and people of color.
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