ALBANY, NY (NEWS10) – New York being “on hiatus” means local businesses deemed non-essential are trying to stay afloat. The federal government’s Payment Protection Program, or PPP, was launched last Friday to provide emergency loans to businesses affected by the coronavirus.
Mark Yonally, president of B. Lodge & Co., says the application process was not as “nightmarish” as he heard it describe. However, web traffic due to the number of people applying for the program presented a challenge.
“It knocked us over a couple of times and we had to resubmit some things,” Yonally explained.
B. Lodge’s on North Pearl Street has been a staple in the Capital Region since the 1800s. They are best known for selling school uniforms and nursing scrubs. Yonally says it is essential for them to find a way to survive in the community and to support their staff.
“We made the decision when all of this happened that we would take care of our employees,” Yonally told News10, adding that he would take care of them “through good times and bad.”
Experts say you should consult with your accountant before applying through your bank.
“You basically have to go through your custodian bank, so the bank you’re doing business with,” Dan Lortie of DALLE Accounting told News10.
The program was supposed to start on Friday, but many banks had to work all weekend to make it available to their customers.
“Really, only one bank was online on Friday, which was the original date that had been set. Some banks got online over the weekend and pretty much all of the remaining banks were available yesterday, ”Lortie explained.