Despite PPP Funding, Some Small Businesses in the DMV are Still Struggling

The Paycheck Protection Program (PPP) has seen many changes since it first launched in April to provide financial support to businesses impacted by COVID-19.

The federal relief program managed by the U.S. Small Business Administration has dished out billions of dollars in forgivable loans to nearly five million businesses that covered 2.5 times monthly payroll. The initial $349 billion allotted for the program was depleted in 13 days when applications opened in April, and since extending the program, some funding still remains, and some of the rules on how to use the funding have changed. Just yesterday — when the second round was supposed to close applications — the Senate announced it was pushing to extend PPP again until Aug. 8.

We first checked in with D.C. area organizations about their loan application process in early April, and then followed up above approval rates. Now, here’s how some of those local businesses are operating more than two months later, and thoughts from their leaders on PPP loan forgiveness.


Recent Deals

Interested in advertising your deals? Contact Edwin Warfield.