HUNTSVILLE, Ala. (WAFF) - As the Paycheck Protection Program was unveiled Friday, it was met with great confusion by businesses and banks. Thousands of applications were filed for the federal aid provided to help those crippled by the health crisis.
Redstone Federal Credit Union is just one of the thousands of financial institutions administering this assistance through the CARES Act.
Admittedly, RFCU President Joe Newberry said they are learning as they go. In fact, the credit union did not receive official information until late Thursday night. In a quick race, they managed to get applications live just before lunch Friday.
Friday afternoon, Newberry said the credit union was on track to receive nearly 1,000 applications.
A lot of people have asked, ‘When will I be funded?’ We don’t know the answer to that," admitted Newberry.
Businesses hit hard by health restrictions quickly applied Friday.
“It is for payroll, it is for rent, it is for utilities and those things come regardless," Megan Garcia, owner of La Esquina Cocina. The downtown Huntsville restaurant opened in February.
Some businesses have been trying a number of different assistance programs. “It just kept changing everyday. There was a new format that they wanted us to fill out. We just now finished maybe five minutes ago what we hope is the final," stated Greg Brooks, owner of Brooks & Collier, Inc. in Huntsville.
“It is a lot of money that the government has allocated. So, there won’t be as much red tape that we normally see on SBA loans," explained Newberry.
Even though you may have a lot of questions, Newberry encourages businesses to apply right away. RFCU is already working to process applications through the Small Business Association.
Brooks & Collier has not laid off any employees. The owner says this assistance will hopefully keep that up.
Unfortunately, La Esquina Cocina has faced layoffs. The goal with the assistance money is to bring those employees back!