Local Small Businesses Get Second Chance to Grab Emergency Coronavirus Loans

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Shanthy Brown owns Brown Eye Care LLC, an optometry clinic in Germantown. After a frustrating first attempt, local businesses like Brown Eye Care, are getting a second chance to secure emergency coronavirus loans that will help them stay afloat.

After a frustrating first attempt, local businesses are getting a second chance to secure emergency coronavirus loans that will help them stay afloat during the ongoing crisis, write Erin Arvedlund, Joseph N. DiStefano, and Sam Wood for The Philadelphia Inquirer.

“I’m looking to get money into my 27 employees’ hands because we had to furlough everyone,” said Tim Way, co-owner of the Ways Brewing in Glenside.

Way was previously unable to obtain a loan through the Paycheck Protection Program that has been plagued with issues from the start, including banks being overwhelmed by demand and the program running out of money.

Now, after the House passed a measure that provides more than $300 billion in new PPP funding, many are turning to small local banks, such as Huntingdon Valley Bank, to secure their loan.

According to chief lending officer Hugh Connelly, more than $50 million in PPP loans had been funded by April 23.

Most of the loans were to new customers that ended up moving their entire accounts over.

“We’ve probably facilitated the rehiring of 3,500-plus employees,” said Connelly. “We’re definitely punching above our weight class.”

Read more about the issue at The Philadelphia Inquirer by clicking here.

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