Small businesses get a second chance for nationwide Paycheck Protection Program

Congress passed an additional $310 billion for federal forgivable loans for small businesses this week, but some Westchester businesses are worried they won’t receive any funds.

News 12 Staff

Apr 24, 2020, 8:44 PM

Updated 1,484 days ago

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Congress passed an additional $310 billion for federal forgivable loans for small businesses this week, but some Westchester businesses are worried they won’t receive any funds.
Digital Home Systems owner Tom Manna says he applied for the first round of funding, but the program maxed out in less than two weeks.
He believes larger clients were selected over smaller businesses, which is something Chase bank denies.
The Rye Brook business owner says, "The money has gone to the wrong people and that needs to be corrected."
Since the pandemic, he says he’s lost 95% of business and was forced to cut staff hours in half.
'The Westchester Bank' CEO John Tolomer believes there are reasons for businesses like Digital Home Systems to be optimistic, saying in part, "All of the banks taking the leftover applications or the left out applications from the first traunch, to be put into the second traunch." 
News 12 is told applications already approved by banks are in line waiting for the Small Business Administration to launch the program again.
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