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Thousands Of Hoosier Businesses Taking Advantage of Loan Program

Small Business Administration

(Wikipedia Commons)

An exclusive, two-week window allowing businesses with fewer that 20 people to apply for the Paycheck Protection Program expires on March 9 at 5:00 p.m. 

“This is going to open it up to all businesses, up to 300 employees on second draw and 500 voice for first draw. So, you know, over 99% of the businesses in Indiana are considered small,” said Stacey Poynter, Indiana District Director for the Small Business Administration. 

Small businesses, independent contractors and sole proprietors are still able to apply after March 9. 

“Since the new round of funding started, in January, we've had 34,031 loans approved on the PPP platform for a total of $2.5 billion,” said Poynter. 

The program started at the beginning of the COVID-19 pandemic last spring and ran through August.  It was restarted in January 2021.

Borrowers can use their IRS Schedule “C” forms to report profit and loss margins, and potentially increase their loan amounts.

However, a Biden Administration rule bars business owner who already got a PPP loan from receiving this benefit.

The SBA offers other loan programs for small businesses affected by the Coronavirus on its website.

 

Want to contact your legislators about an issue that matters to you? Find out how to contact your senators and member of Congress here.

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