Shoals businesses owner explains what it's like applying for Paycheck Protection Program

Golley said his advice is for small businesses to contact their bank and see if they will walk them through the process like his bank did.

Posted: Apr 9, 2020 4:20 PM
Updated: Apr 10, 2020 9:22 PM

A businesses owner in the Shoals told WAAY31 he's been approved for the paycheck protection program but is still waiting on his money.

Realtor, Matt Golley, owns what he called a very small LLC business. He said the small size makes it easier to keep up with the documents he needed for the paycheck protection program. They include healthcare receipts, W2's, quarterly statements for payroll and other accounting information.

Golley called it stressful because the guidelines and applications changed several times. He said working with his lender at Bank Independent helped. He applied for the program and was approved on Monday to get $16,000, but he said he hasn't gotten the money yet.

"My biggest advice is take away the fear. Let someone else walk you through the process and tell you what you need and make sure it's submitted correctly. I don't know how to submit documents kike that to the government and the bank took care of that for me," said Golley.

Under the paycheck protection program banks can basically make their own rules and they don't have to participate in the program. Golley believes smaller banks may help you avoid some red tap especially if you aren't asking for a ton of money.

He expects to get his money late next week. That $16,000 will help him sustain payroll and insurance at least through June. If you get approved to get money you have eight weeks to spend it, then it will roll over into a low interest two year loan.

On Friday, the paycheck protection program will open up for freelancers, independent contractors, and sole proprietors.

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