Small businesses hurting despite Paycheck Protection Plan

Senator Todd Young says this round of funding for the Paycheck Protection Program is focused on providing relief for small businesses that are attached to smaller banking institutions.

To provide stability to small businesses who have lost revenue due to the coronavirus..

But several small businesses in our area have yet to find any relief.

News 18's meredith hackler spoke to senator todd young about the federal government plans to help hoosiers businesses.

Michelle donahue is the co-owner of jackson hewitt tax solution franchise in lafayette and surrounding areas.

Neither she nor several of her small business clients..

Have received any relief from the paycheck protection program.

"i have a client who has a hair salon i have another client who has an auto detailing company with less then 5 employees so this would make a big difference for them when they are actually able to start opening for business again."-michelle donahue on wednesday the senate approved a relief package worth roughly 484 billion dollars... 310 billion of that will be added to the paycheck protection program which ran out of money last week.

"before the replenishment of paycheck protection in this roughly 7 and half billion dollars in funding had already been approved for hoosiers businesses..

Most of those we can infer are small businesses."-todd young however..

Small business owners like donahue say they are worried they wont recieve any relief with the second round of funding either.

"i think they need to look at what really qualifies as a small business."-michelle donahue thats why senator todd young says ..

This round of funding for the paycheck protection program..

Is focused on providing relief for small businesses that are attached to smaller banking institutions.

"our most recent legislation phase 3.5 legislation that we passed out of the senate allocates some specific funding for our smaller financial institutions which disproportionately serve smaller firms and specfically we allocated 30 billions dollars to those institutions which have 50-billion dollars or less in assets."-todd young meredith hackler news 18.

Senator todd young says they are doing everything they can to help small business get the relief they need.

If a small business has any questions..

They can find resources on his website we will have link for resources on our website at wlfi dot com developing this evening, indiana beach has a new owner and