Some Colorado Businesses Getting SBA Loan Money, Others Not So Lucky

DENVER (CBS4) - The effort to support small businesses has hit a dead end. The program to help business owners keep paying their employees during the coronavirus pandemic, is out of money. Congress can approve more, but lawmakers adjourned for the week on Thursday without passing a new bill.

That leaves the Small Business Administration without the ability to approve new loans.

Small business owner Tina Lovelace has some good news for her 100 employees.

"As of today, we're going to initiate our payroll again, which is going to be great," she told CBS4's Dominic Garcia.

But the owner of The Woodhouse Day Spa in Denver and Littleton says the process to get a Small Business Administration (SBA) wasn't easy. Lovelace says the process was complicated and kept changing. Luckliy, she says she had a great business banker and accountant and got her SBA loan worth hundreds of thousands of dollars.

RELATED: Latest Updates On The Coronavirus Outbreak In Colorado

But others, like Tyler Kain haven't been so lucky. Kain owns Crafted Tees Custom Apparel and says before the coronavirus pandemic his company had a March Madness contract with the University of Colorado.

"When the tournament got cancelled, which I just never thought would happen, that was just devastating to the company," he told CBS4's Dominic Garcia.

Kain says his bank was behind on filing his paperwork and by the time he got everything submitted, the SBA had run out of money.

The U.S. Small Business Administration said Thursday morning the Paycheck Protection Program wouldn't be accepting any more applications for the $349 billion program. The agency reported approving more than 1.6 million Paycheck Protection Program loan applications totaling more than $339 billion from over 4,900 lending institutions.

But Kain is still trying to help others. He's designed a special logo t-shirt that says "Here For Good" and all the proceeds go towards helping small businesses.

"I just think helping out my clients and people in the community will be the best way to just move forward."

To see Kain's T-shirt design visit: Crafted Tees Custom Apparel