KANSAS CITY, Mo. — Hundreds of thousands of small businesses applied for loans through the paycheck protection program as soon as the federal government started accepting them Friday, April 3.
Bank of America itself reported processing 140,000 applications on behalf of small businesses.
The government set aside roughly $349 billion for the program aimed at helping small businesses pay their employees while they are shut down - or reducing operations - during the COVID-19 pandemic.
President Donald Trump tweeted he would ask Congress for more funding if the government ran out.
"What’s really going to be important when we get through this is that people actually have money to spend and have money to help the economy. That’s the important thing. Not only for our employees, but for employees across the country," explained Sean Conroy, the co-owner of International Tap House, which has a location in the Crossroads neighborhood of Kansas City, Missouri.
Conroy applied for a loan through the Paycheck Protection Program.
He said the appeal is that if he follows certain criteria, he doesn't have to pay the loan back. He has also applied for more traditional, but low interest, loans through the Small Business Administration.
“Sometimes we call and you’ll call and you’ll be the 1,560th person in line. So that tells you just how many small businesses are being affected by this and how many are searching for some kind of relief," Conroy pointed out.
He wants relief for the six employees he laid off from the Kansas City bar. Two remain on staff selling canned and bottled beer to go, but at reduced salaries.
Conroy's goal is getting money in their pockets and keeping them on staff so they will continue to work for him when the stay-at-home orders end.
“It really does [make you feel appreciated]. It goes a long way when we’re all not pouring beers and they’re looking after us," said Joe Mayers, the assistant general manager at International Tap House's Kansas City location.
Conroy said the loan options relieve some of his anxiety. But now he's in a waiting game to find out whether the government accepts his application.
