JEFFERSON CITY, Mo. — The Paycheck Protection Program (PPP) has already accepted more than 880,000 applications around the country.
Small business owners have used the program to recieve loans to cover payroll costs.
AGCU vice president, Jeff Birdsell, says applications normally take about 20 minutes to get approved.
Once that happens, the customer will receive their money within the next 10 days.
Some people, however, haven’t received their money at all within that timeframe.
Birdsell explains why this could happen: financial backlogging.
“ABC Bank down the road has 500 applications and they’ve got a crew of seven people to process them, and they just cannot literally, figuratively do all the paperwork required on all 500 applications in the amount of time that’s required,” Birdsell said.
For those who haven’t applied yet, the wait could be even longer.
Missouri Congresswoman Vicky Hartzler says $349 billion was authorized for this program.
Already, banks around the country have issued more than $270 million.
Hartzler says projections show the program could run out of money as soon as April 16 and Senate Republicans like herself tried to prevent that.
“We were hoping to infuse about $250 billion more into this fund so that every small business can get the funds they need to keep their doors open and keep their employees on the payroll,” Hartzler said. “People are really hurting during this time, and we want people to still have their jobs and to keep getting that payroll.”
Hartzler’s efforts were blocked in the US House last week.
The program usually pays for eight weeks of a small business’ payroll.
There is potential for the loan to turn into a grant.