Hoosier lawmakers address small business frustrations with federal loan process

News
This is an archived article and the information in the article may be outdated. Please look at the time stamp on the story to see when it was last updated.

INDIANAPOLIS, Ind. — Small businesses in Indiana are begging the federal government for another round of aid. 

The Paycheck Protection Program money ran out before everyone could get it. 

Edward Cobb owns South of Chicago Pizza and Beef in Greenwood. He said he applied for the PPP loan early, but didn’t get it before the money ran out. 

“It truly makes me sad, I am one of the true small businesses out here,” said Cobb. “I have 12 employees, 7 of those employees, their family’s sole income is this place.”

He’s not sure how he can make ends meet without the federal government’s help. 

“A lot of us were really relying on this paycheck protection program to bridge us through the lost sales to still keep employees paid and to keep employees,” said Cobb.

That’s why he’s hoping for the next round of funds to be approved soon. 

“I don’t know how we would possibly settle that discussion without being in D.C., and I think that’s sad because that’s how deeply and broadly the small business community has been impacted,” said U.S. Senator of Indiana Mike Braun. “And when we get that across the finish line, I want to make sure the smallest of the small businesses get access to it.”

Indiana’s other U.S. Sen. Todd Young also weighed in.

“We need to immediately plus it up,” said Young. “That’s what I’m hearing from our small business owners and our financial institutions so, that’s really been my focus in moving forward we will take a look at improving the program.”

Cobb would like to see a cap on the funds for each business so everyone is guaranteed access. Sen. Young thinks the second round will be easier to get. 

“If we plus up the funds there will be less of a frenzy to get the money, we won’t have to worry about who got in line first or second, or who you bank with frankly,” said Young.

Cobb hopes so, it’s been difficult to keep his people on staff. 

“I have a lot of pressure on me,” said Cobb.

He hopes the community will step up and shop local during this time. 

“We’re the ones out here trying to make and keep the economy going,” said Cobb.

Sen. Young says it’s looking like Congress won’t be able to pass anything until they reconvene in early May. 

Most Popular

Latest News

More News