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Our Vince Gerasole reports on what companies need to know to get some of that money and keep their employees.
It’s an extension of the Paycheck Protection Program, the $ 349 billion that was announced in less than two weeks.
There are tips for companies that may have lost in the first round.
Chairs are stacked on tables and counters are empty at Café Selmarie in Lincoln Square.
“I have to get my employees back to work and we have to get our jobs back,” said Birgit Kobayashi of Café Selmarie.
Although Brigit Kobayashi has been doing business here successfully for 37 years, she did not receive a federal forgivable loan from the Paycheck Protection Program.
“I thought I was doing everything right,” said Kobayashi, who added that while speaking with her bank, she waited patiently for a problematic portal to accept her request, only to be told they were no longer in. course of treatment.
“Finally, I went to another bank. And then it was too late. There was no more money, ”she said.
A Salon by Rudy Moser in Pilsen received nearly $ 50,000 in PPP. He broke the news to his team during a video call.
“It’s huge for us. We are really happy. This is going to be huge for our employees. They can pay bills, ”he said.
Moser can only guess, but he thinks that being in constant contact with his bank has helped.
“We were in contact with our bank before they accepted applications,” Moser said. “So we were on top of their radar and they rushed over.”
Rhonda McFarland works for the Quad Communities Development Corporation in Bronzeville.
“Now is not the time to give up,” McFarland said. “Now is the time to be resilient, consistent and persistent. Stay prepared so you don’t have to prepare.
His advice includes, in case of refusal, to ask your banker to review your request. Ask what could be improved, make sure your calculations justify your loan amount, and don’t hesitate to contact your banker.
“The person who bothers you the most gets the most attention,” McFarland added.
Kobayashi has already started this process with a new bank for the second round of the PPP.
“There is too much at stake,” Kobayashi said.