Charleston small business owner speaks with President Trump about Paycheck Protection Program
Dr. Chris Stansbury, a Charleston small business owner, visited the White House on Tuesday to speak with President Trump about the Paycheck Protection Program.
"People need to know it's [PPP] a lifeline. It's certainly not going to replace all the lost revenue in the past or the future, but if you are trying to keep your business afloat it can provide some money," Stansbury said.
Stansbury was chosen by Job Creators Network, an organization that advocates for small businesses at the federal level. Stansbury says he believes the trip was successful and the president was supportive of small businesses' needs.
Stansbury owns West Virginia Eye Consultants, a small business in Charleston. His practice saw an average of 40 patients at each of their seven locations before the pandemic, but now they see less than 10 a day for emergencies at one location.
"That has cut our revenue significantly, so we are leaning on the PPP money to get us through. It was unfortunate that some of those larger businesses around the country gobbled up some of those sources the first time around," Stansbury said.
President Trump signed a bill on Friday, authorizing an additional $310 billion in funding to the Paycheck Protection Program (PPP), which offers forgivable loans to businesses affected by the devastating COVID-19 outbreak. This comes after the initial $349 billion allocated for PPP Loans ran out in less than two weeks due to the overwhelming demand.
The Small Business Administration reopened the program to new applicants on Monday. The PPP Loan rules require banks to fund the loans within 10 days of approval.