ALBANY, N.Y. (NEWS10) — New York being “on pause” means local businesses that are considered non-essential are trying to stay afloat. The federal government’s multi-billion dollar Payment Protection Program, or PPP, launched last Friday to provide emergency loans to businesses impacted by the Coronavirus.
Mark Yonally, President of B. Lodge & Co. says the application process wasn’t as “nightmarish” as he’s heard it described. However, the web traffic due to the amount of people applying for the program presented a challenge.
“It knocked us off a few times and we had to resubmit a few things,” Yonally explained.
B. Lodge’s on North Pearl Street has been a fixture in the Capital Region since the 1800s. They’re most known for selling school uniforms and nursing scrubs. Yonally says it’s critical for them to find a way to survive in the community, and support their staff.
“We made the decision when this all happened that we would take care of our employees,” Yonally told News10, adding that he’d take care of them in “good and bad times.”
Experts say you should consult your accountant before you apply through your bank.
“You’re essentially required to go through your depository bank, so the bank you do business with,” Dan Lortie from DALLE Accounting told News10.
The program was slated to start Friday, but many banks had to work through the weekend to make it available to their clients.
“Really only one bank was online Friday, which was the original date that was set. Some banks came online over the weekend, and just about all the remaining banks were available yesterday,” Lortie explained.