PPP assistance available starting this week

MORGANTOWN, W.Va. — Businesses can start applying for loans through the federal Paycheck Protection Program this week.

Lending institutions with less than $1 billion in assets began applying on Friday. The start of the application period for most businesses is Tuesday.

Housing cooperatives, destination marketing organizations and trade associations are now eligible for financial assistance.

Brian Kassalen, who manages Arnett Carbis Toothman LLP’s Paycheck Protection Program task force, said small businesses and nonprofit organizations need to understand the qualifications to receive a loan as well as the importance of applying early.

“Nobody has a crystal ball at this point. I read a lot that says they don’t anticipate running out of money this time, but nobody knows that,” he said. “They ran out of money the first time pretty quickly.”

This is the second round of funding for the coronavirus assistance program.

Karen Friel, the district director of the U.S. Small Business Administration, said the second round of business loans also covers additional costs businesses face because of the coronavirus pandemic.

“They’ve added the business operations expenditures, supplier costs, property damage costs, worker protection expenditures, adding to the drive-throughs, ventilation, sneeze guards,” she explained. “Anything businesses had to put or was required to stay open.

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