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Central Coast small businesses will be able to apply for second round of PPP loans

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Posted at 5:50 PM, Jan 12, 2021
and last updated 2021-01-13 12:15:32-05

Applications for the second round of Paycheck Protection Program loans are being accepted starting this week.

Bravo Pizza is one of the many local businesses on the Central Coast that received a PPP loan back at the beginning of the pandemic. With a second round being offered, owner Matthew Miller said he will be applying once again.

"You know, the future is still uncertain so having that proactive mindset, I definitely will be applying because it’s available,” Miller said.

For many small businesses like Bravo Pizza in Santa Maria, the first round of PPP loans was a big help as they struggled through the pandemic.

Miller said he was able to pay months of backed up rent and avoid cutting any employees.

"It was honestly just enough to keep us just moving forward and focusing on health precautions and other items that we needed to focus on without having to worry about, you know, am I going to be able to keep all of my employees,” Miller said.

The second time around, businesses that applied previously will be able to do so once again.

"Just like the last round, we were able to walk over 600 businesses through the application, through the forgiveness process, so all the way through,” said Tim Jensen, Chief Financial Officer at CoastHills Credit Union.

The loan is forgiven when businesses properly document how the money was used.

"As long as the money is used for the purposes spelled out in the PPP guidelines, that should be up to 100 percent forgivable,” Jensen said.

At Bravo Pizza, Miller said opportunities like these are not worth passing up.

"As the new year starts, sales tend to dip anyway so you know, if it's available for small businesses this type of support I am all for applying,” he said.

You can apply for the loan online or at your local bank.

The program will end on March 31, but businesses are encouraged to apply as soon as possible before funds run out.