HUNTSVILLE, Ala. (WAFF) -Many small businesses are still hanging on by a thread, and more than 400,000 of them nationwide have closed for good.
But we learned more help is on the way.
Starting Wednesday the application window for Paycheck Protection Program loans is narrowing down.
For 14 days, only businesses with fewer than 20 employees will be able to apply.
Mason Dixon Bakery and Bistro would fall into that category, but the owner says they were lucky enough to already receive their loan.
Her team has been making gluten free treats for eight years.
Owner Ashley Ramirez tells us even though the community has been so supportive, the pandemic has not been without its pressures.
“Over the past 12, 13 months we’ve seen a decrease in sales,” Ramirez said.
But things are looking up, Ramirez says after not getting it the first time, she just received funding from the Paycheck Protection Program.
“We have been running a fairly lean staff throughout the last year, but now we’re able with those extra funds, we’re able to start bringing in new staff, get everyone trained up,” she explained.
She says she’s happy to hear there’s more help for other small business owners like herself.
“What you do receive is a multiplier of your average monthly payroll costs, so for us as smaller businesses, that hit is a lot smaller than these larger corporations, so I think the funding will go further,” Ramirez said.
According to the National Federation for Independent Businesses, the average small business in Alabama has 25 employees or less, so there are thousands of businesses in North Alabama that are eligible.
And Tim Singleton, area president for Bank Independent in Huntsville and Madison County says, having a good relationship with your bank, can go a long way.
“Talk with your banker and see if it’s right for you and have them curate the process for you so you can have the greatest chance of success.”
An important thing to keep in mind, if a business has already received a loan from the PPP they cannot apply again.
This is aimed at getting to those business owners who haven’t been helped yet.