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More relief for small businesses on the way after approval of $2 trillion stimulus package

Small businesses could qualify for up to $10 million in forgivable federal loans

GREENSBORO, N.C. — Each business can apply for up to $10 million to help keep the doors open - and they might not have to pay it back.

It's a blessing for business owners everywhere.

"Turning that pain into purpose. Figuring out SBA loans and what we can do to come back stronger and what we can do to support the community right now when it is a little bit more difficult for everybody," said the owner of Undercurrent restaurant Wes Wheeler.

Small businesses like Undercurrent in Greensboro have had the ability to apply for low interest loans.

But thanks to that $2 trillion stimulus package, they've got another option - a forgivable federal loan.

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"The money can pretty much go to anything sustaining your business, as long as you're also taking care of the employees, whether it's a commercial mortgage, rent, utilities," said Rep. Mark Walker.

Representative Walker said small businesses can apply for up to ten million dollars.

If they use it to pay their staff, keep the lights on or pay rent, they won't have to pay it back.

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"The goal was is to get to this particular peak of the COVID-19 season, if you will, and get to a side where the economy is really back open for business," said Walker. 

"What I hope is they can look at payrolls before this started and know that we're trying to retain all of that staff again," said Wheeler.

This program takes businesses into account dating back to February 15.
For others, like 1618 in Greensboro, it's a wait and see while they try to stand on their own two feet.

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"I hope we don't have to I really want to be able to have our local support," said Vice President of 1618 Stacey Land.

The full package approved $350 billion for small business relief across the country. It's not clear yet when business owners will get access to that money.

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