DENVER (CBS4) – Small business owners are worried about their employees after the federal government announced critical funding ran out Thursday. According to the U.S. Small Business Administration website, the SBA is currently unable to accept new applications for the Paycheck Protection Program based on available appropriations funding.
The SBA reports it approved more than 1.6 million Paycheck Protection Program loan applications before reaching its $349 billion limit. Denver-based DCNC President John Hardon was approved for a small business rescue loan, but his excitement was short lived.
“We were approved Sunday, we closed our loan Wednesday and then learned Thursday that they’d run out of money,” said Hardon.
DCNC is small business that provides other small businesses IT support services. Hardon says DCNC has 23 employees, who don’t deserve the inevitable lay-offs if additional funding isn’t approved.
“What’s going through my mind right now are my employees. I have a lot of great people on my staff. People who have completely changed the way they work so we can take care of our clients,” said Hardon.
At the beginning of the coronavirus outbreak, Hardon didn’t think they’d have to do any sort layoffs. Then, DCNC’s larger project request became fewer and fewer.
“We’re getting to the point where we might have to do something. We’ve weathered other storms, but this one is just different,” said Hardon.
Miles south in Littleton, Dave Frank is one of many business owners on Main Street waiting for the storm to end.
“As I go up and down the street and talk to other merchants, it’s tough. We’re trying to make applications though the SBAPP Program there are a few hoops to jump through to get that done,” explained Frank, owner of Colorado Frame & Savvy Stuff.
The fight over additional funding for small-businesses will continue next week. The Senate adjourned for the week Thursday, without coming to an agreement.