Women-owned small business reacts to PPP loan change
RENO, Nevada (KOLO) – Much-needed COVID-19 relief is on its way for minority and women-owned small businesses across the country, including Nevada.
“Small American businesses are hurting and they are suffering badly and they need help now,” President Joe Biden said.
On Monday, February 22, 2021, the Biden administration announced a extension of the paycheque protection program (PPP). It is designed to help smaller businesses across the country.
“They are the glue, the heart and soul of our communities, but they are crushed. “
As of Wednesday, February 24, 2021, establishments with fewer than 20 employees will have an exclusive two-week window to apply for funding. These companies make up the majority of small businesses in the United States.
“These changes will provide much needed and long overdue help to small businesses that really need help staying open,” Biden said.
Ambre Aramini, owner of Sierra Belle store in Midtown agrees. She added: “I think it could really help, it’s a great idea and I think it will benefit all the businesses here so much.”
The women’s clothing store has been open for about five years, but Aramini has been running it with just three other employees since July 2020 with COVID in full force.
“It was pretty tough because you always have to keep an eye on the next rule and stuff,” Aramini said.
She believes this new funding could help grow her website, among other things that would help her small business continue to grow.
Aramini added: “This is an opportunity I would be very interested in applying for.”
She says she is not only grateful for the relief from the government, but also for the community that rallies around the local stores.
“They have been so supportive of us, and honestly without them I wouldn’t be open just yet.”
This change to the PPP will provide additional hope for mom and pop businesses so they too can feel strong enough to get through this pandemic.
President Biden and his team have also allocated $ 1 billion to sole proprietors, such as building contractors and beauticians, the majority of whom are owned by women and people of color.
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