WRIC: Small business loan program hopes to provide financial relief

WRIC, NICK CONIGLIARO

As small business throughout the country are depleted as a result of COVID-19, the largest small business loan program aims to help, according to the Small Business Administration.

The gesture is not without difficulties, however.

With financial hardships hitting small businesses throughout the area, the Small Business Administration adopted a new program to help bring financial relief and assistance to businesses struggling to pay rent, their employees and other expenses.

“This is a plan that’s meant to be a lifeline for small businesses across Virginia and across the country,” said Rep. Abigail Spanberger in a video interview Friday.

The Paycheck Protection Program, which was approved a week ago with the Cares Act, now allows businesses to apply for the loan program with any lender.

Rep. Spanberger says her office has been receiving calls from people who are having trouble with the process and the lenders with serious lack of knowledge.

“There isn’t a lot of clarity on how these small businesses can go about applying, and we’ve already heard some lenders have already made applications available. Some say that they’re coming,” the state representative said.

8News asked Rep. Spanberger what happens if businesses are having trouble getting their hands on the new loan program ?

“Despite this crisis and despite the hurdles that have already been placed in front of him, I hope he will continue to show the same persistence that he clearly had when he decided to start a small business and follow that dream. Because this PPP, these forgivable loans are available.”

And she’s hoping all lenders get behind the same message those who voted for the loan program “we are all in this together to ensure that our communities small businesses can stay afloat during this very, very difficult time.”

Recent Posts


Jun 20, 2024
Press

Spanberger, Carey Lead Bipartisan Effort to Waive Passport Fees for Family Visiting Injured Servicemembers Abroad

The “No Passport Fees for Heroes’ Families Act” Would Apply to Family Members Visiting Injured Servicemembers Who Are Not Yet Medically Cleared to Travel Back to the United States WASHINGTON, D.C. — U.S. Representative Abigail Spanberger (D-VA-07) and Mike Carey (R-OH-15) introduced bipartisan legislation to waive passport fees for family members obtaining a passport for […]



Jun 17, 2024
Local Issues

NEW MILESTONE: Spanberger’s Office Returns More Than $39 Million in Federal Benefits to Virginians

Since the Start of 2019, the Congresswoman’s Office Has Returned More Than $39 Million in Backlogged IRS Refunds, Social Security Checks, VA Benefits, & More WASHINGTON, D.C. — U.S. Representative Abigail Spanberger announced today that her office has now returned more than $39 million in federal casework funds to residents of Virginia’s Seventh District. Casework dollars […]



Jun 14, 2024
Press

Spanberger Statement on Supreme Court Ruling to Strike Down Federal Bump Stock Ban

Congresswoman: “As a Former Federal Law Enforcement Officer, I Know that Weapons Designed to Inflict Maximum Casualties Do Not Belong on Our Streets, in Our Schools, or in Our Communities” WASHINGTON, D.C. — U.S. Representative Abigail Spanberger today released the following statement following the U.S. Supreme Court’s decision in Garland v. Cargill, which overturns a […]