Biz Briefs: Paycheck Protection Program funds replenished
Published 12:00 am Sunday, April 26, 2020
RALEIGH — Congress has approved $310 billion in additional funding for the Paycheck Protection Program (PPP), raising the total appropriated for the program to $659 billion.
“We are grateful to the Congressional leaders who recognized the need for additional funding and worked quickly to get the funds appropriated,” said North Carolina Bankers Association president and CEO Peter Gwaltney. “The banking industry has been united in its appeal to Congress to approve more funding quickly so lenders can get back to work processing and funding PPP loans for small businesses in their communities.”
The U.S. Treasury and the Small Business Administration announced Friday that the SBA will resume accepting Paycheck Protection Program loan applications on the morning of Monday, April 27.
“Bankers will continue to work as fast as humanly possible to meet the additional demand and need for Paycheck Protection Program loans,” Gwaltney said. “North Carolina banks have committed significant resources to originate these loans for small businesses in the communities that they serve. Our member banks are proud to play a role in the administration of this important economic relief program.”
Small businesses should visit www.sba.gov to learn more about the Paycheck Protection Program and gather the required information before applying for a PPP loan with their primary bank. Not every North Carolina financial institution is a fit to participate in the program. If your bank is not a participant in the Paycheck Protection Program, small businesses should inquire with other lenders.
After the launch of the SBA Paycheck Protection Program on April 3, North Carolina bankers worked through nights and weekends to process PPP loans for small businesses in their communities, until the initial funds for the program were depleted on the morning of April 16, Gwaltney said. Just 10 days after the PPP was launched, North Carolina banks had made 23,786 PPP loans to North Carolina small businesses, totaling more than $5.7 billion. With the newly replenished funds in the program, North Carolina’s banks are eager to get back to work.
“North Carolina banks entered this pandemic from a position of strength, thanks to record capital and liquidity levels, as well as prudent planning and risk mitigation,” Gwaltney said. “We look forward to continuing in our efforts to assist small businesses across North Carolina in their time of need.”
$1,000 donated to Rowan Helping Ministries in memory of Ralph Ketner
SALISBURY — An anonymous donor has made a $1,000 contribution to Rowan Helping Ministries in memory of Ralph W. Ketner.
Erica Taylor, the director of community relations for RHM, said Ketner’s children, Linda and Robert, were so touched by this gift that they both decided to match the donation.
Taylor said that, in Ketner’s words, the $1,000 came from the donor’s stimulus money as the donor felt he didn’t need it. The donation will be used to provide fruit for hungry children in Salisbury and Rowan County.
Another portion went to help a student studying at Catawba College.
Taylor said his hope was that it would inspire others to make similar donations to feed hungry children.
Prosperity Ridge Apartments now open for senior adults in Kannapolis
KANNAPOLIS — A joint project between the City of Kannapolis, Cabarrus County and two local non-profits, Prosperity Unlimited, Inc. and Wesley Community Development, the Prosperity Ridge apartments are now open to serve senior adults.
Located at 1430 El Paso St., the apartments are restricted to people who are aged 55 or older and have limited income. The 60-unit complex is a project spearheaded by the non-profits Prosperity Unlimited, Inc. and Wesley Community Development, who are working to address the needs of affordable housing for seniors in the area. Six of the units are handicap-accessible.
Rents are based on residents’ income levels. Rents for one-bedroom units range from approximately $353 to $650 per month, while two-bedroom apartments rent from between $418 and $770, making them affordable to households earning between 30% and 60% of the area median income. Amenities include a fitness room, common gathering areas, outdoor grill and laundry facilities.
Funding for the apartments comes from the North Carolina Housing Finance Agency, with construction financing provided by Banking Branch & Trust now Truist and permanent financing from Centrant Community Capital. The total cost of the project was $8 million.
The City of Kannapolis and Cabarrus County provided local HOME funding from the U.S. Department of Housing & Urban Development to contribute to the project.
For more information on renting an apartment in Prosperity Ridge, call the Prosperity Ridge Apartments office at 704-925-3753.