Businesses speak on flexible Paycheck Protection Program

Some business owners already received their funds from the original PPP loan.

Posted: Jun 11, 2020 7:42 PM

There are more changes for the Paycheck Protection Program and now some local businesses wish they waited to apply.

New rules make it easier to avoid having to pay anything back.

WAAY-31 found out how one local business is using the money it already received.

Under the flexible Paycheck Protection Program, there’s a few changes like now businesses can spend 15% less on payroll that gives them more money to use on other expenses.

Even though some places don't have this advantage, here at Piper and Leaf, they say they're just happy to be open and serving again.

"It's a little frustrating but we're still very blessed to be where we're at and we've been able to move forward with a lot of new projects because of it," said Connor Knapp.

Connor Knapp is the co-owner of Piper and Leaf.

He applied for the first round of loans through the Paycheck Protection Program and though it took a while for the money to come through... when it did hit, it helped tremendously.

But the new Flexible Paycheck Protection Program eases some of the restrictions, which is something Knapp can’t take advantage of.

"Like if you're running a marathon and they say you have 4 hours to finish so we're working super hard to make that happen and then when they changed the rules and made it a lot easier but we were already aiming for that initial finish line," he said.

The Flexible PPP law lowers the amount businesses must use as payroll from 75 to 60%.

They also have 24 weeks to spend the money instead of 8.

Knapp, and any other business already approved, cannot re-apply or make changes to the current loan.

Knapp also knows Piper and Leaf is one of the lucky businesses approved.

"When we finally got the PPP we had a couple of hoops to jump through. There's a lot of issues with first getting that put out there for the businesses to use. But once we got it, it was a huge blessing because it allowed us to bring in everyone that we had to lay off originally back on to staff," he said.

Though the pandemic has caused Piper and Leaf several losses, they've had many gains.

Such as being able to open a brand new space hopefully by the end of summer.

We reached out to the Small Business Administration and they told us there could be additional changes in the future and are working to make the process easier for more businesses.

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