BOZEMAN — Paycheck Protection Program applications will resume Monday at 8:30 a.m. So if you're a small business owner, make sure you're on the phone with your lender as soon as possible.
Similar to the first round, this money is expected to go quickly.
A second relief package has made its way through Congress with an additional $310 billion dollars going towards the Paycheck Protection Program, a forgivable loan aimed at helping small businesses keep their employees on payroll throughout the COVID-19 pandemic.
Lenders and business development experts say more funding will certainly help more small businesses, but there’s still a lot that’s unknown.
“Obviously, we hope that everyone gets what they need. But that might not be the case in every situation. And so it’s just important that you take control of your own destiny,” said Suzi Berget White, the business development director at Prospera.
That means keeping Plan B in the back of your mind, just in case there are small businesses that fall through the cracks in the second wave of relief.
Prospera is encouraging small businesses to stay on top of their financials and keep a careful eye on businesses expenses.
“Those budget projections are so important. Once you’ve done all those things, you can do a revised 2020 budget for yourself where you put in information you think you’re going to be spending, the cash in and cash out for your businesses. And deciding if you need a traditional loan from there or a line of credit,” said Berget White.
There are also a few local opportunities that are helping provide small businesses with financial support during the pandemic.
“There are quite a few relief funds that have risen from this,” said Berget White. “One is here locally in Bozeman through the Bozeman Area Community Foundation and they’ve partnered with the Greater Gallatin United Way office where they’re doing relief funds for nonprofits. A second one is a program and relief fund that was set up in Big Sky, it’s called the Big Sky Relief Fund.”
Lenders and business development experts say while local financial relief has been helpful, the focus will be on the federal relief that begins Monday.