Paycheck Protection Program (PPP) Supports Small Businesses
January of 2020
was a very exciting time for Carol Haynes, owner and president of Kiddie
Academy. She had just had a “soft” opening of her 2,700-square foot facility
that offered daycare, high-quality pre-K and after-school programs. On February
20, she had the official ribbon cutting. And on March 20, the facility was
COVID-19 had shut
down all of the daycare centers – and almost every other business – in the
state of Ohio.
But there was a
lifeline: The Small Business Administration was offering loans through a
Payroll Protection Program to keep businesses alive. Unfortunately, Carol –
like many other small minority and women owned businesses – was left out of the
first round of loans.
We started hearing
stories like hers at the Office of Diversity and Inclusion, and I thought,
“What could we do to help?” So I asked all of our team members to start making
cold calls to our certified small businesses and offer assistance. To date, we
have helped more than 150 businesses apply for the second round of PPP loans.
And we’re just starting to hear from ones that received them, including Carol,
who received just under $70,000 – enough to keep her business whole until she
can reopen in July.
She received her
loan from Standing Stone Bank – a small bank out of Lancaster. Small financial
institutions proved to be a critical component to getting the loan applications
processed. Bigger banks were looking to back larger businesses. Smaller banks
had more capacity for the loans desperately needed by smaller businesses.
And there is more
good news: The Small Business Administration still has $100 billion in PPP
loans available. The Office of Diversity and Inclusion would love to help.
Email us at ODI@columbus.gov to get the
Please check out the
video for the full story and more information, available here.