Florida Among Best States for P3 Loans in 2021 – NBC 6 South Florida
Florida is among the top states for the number of federal small business loans this year.
Many business owners are making the decision to apply for Paycheck Protection Program (P3) loans for the second time.
“I applied and received funding last week,” said Ramona Hall.
Hall is the owner of Phillips Concessions, LLC. His company operates concessions at places like Miami International Airport and at a local hospital.
Hall said she applied for a Paycheck Protection Program loan for the second time. It’s money, she said, that will help her small business during the pandemic.
The forgivable loan program resumed in mid-January and many small business owners like Hall decided to dip into the P3 pot again.
“Covid is still so uncertain. Even though some of our sales have increased slightly at some sites, we don’t know what the next chapter has in store for us, ”Hall said.
According to data from the Small Business Administration, the distribution of the last round of PPP funds quickly accelerated.
So far in 2021, the SBA has said 1.6 million loans have been approved for a total of around $ 125 billion. About $ 114 billion went to business owners who applied for the program for the second time.
Florida is among the best states for the number of loans granted so far in 2021. According to the SBA, only California and Texas have received more loans so far this year.
“We are still in limbo. We don’t know if we’re going to receive the funding or not, but we wait and wait patiently, ”said Jessica Modkins.
Modkins is the owner of Hip Rock Star Advertising. She told NBC 6 that she is still waiting to see if her candidacy for the final round has been approved.
“I had to deliver what we provided last time around and more. This time around it needed a lot more intricate detail and I understand, ”Modkins said.
Second-time applicants are required to submit additional documents showing a 25% impact on their earnings from the previous year.
Modkins said she gladly provided the additional documents in the hopes that her company would qualify again.
“It’s just important that staff can come home from work and know they will have a job the next day and keep employee morale up,” Modkins said.
According to the SBA, around 80% of loans made so far in 2021 have gone to companies with 10 or fewer employees.
Companies can submit their first PPP loans until March 21, 2021.