HONESDALE, Pa. — For small businesses like those on Main Street in Honesdale, the Paycheck Protection Program offered relief and hope.
Now the Small Business Administration says it has no more money left to give, after loaning out $350 billion in the last two weeks.
About $31 million of those dollars was lent by Honesdale National Bank. The bank submitted just under 400 loans to the SBA and has approved more than 250. It will continue to accept and process applications.
"In the hopes, of course, they're talking about some additional funding, the Treasury has asked for some additional funds and then, of course, with the hopes that when they open up those funds, we'll be ready for them. So we're going to continue processing until we're told that there simply won't be any more funds," said Mike Rollison, vice president of Honesdale National Bank.
The process for applying is meant to be pretty painless, and getting your money is supposed to happen pretty quickly. That was the case for the owner of Arts for Him in Honesdale.
"It was stress-free. In the beginning, it seemed daunting; you know what are we gonna do now? But they were very helpful, and they came through for us," said Thomas Fasshauer, owner of Arts for Him.
Thomas Fasshauer got the money from the SBA in his hands on Wednesday.
His small business is really small, with only three employees. But with bills to pay, and very little profit coming in, every little bit helps.
"It's extremely helpful. We're not talking huge numbers in our case. Some of the larger businesses in the area, it's got to be daunting to keep people on payroll. It's fortunate they were able to do it," said Fasshauer.
President Trump last week requested $250 billion more be added to the Paycheck Protection Program.
Members of Congress are currently negotiating how to do just that. The Senate adjourned for the week on Thursday without reaching a deal.