Rep. Ghanbari seeks small businesses denied federal money after funds dry up

The Small Business Administration Paycheck Protection Program is officially out of money.

The first-come, first-serve loan program was specifically designed to cover small business owners' payroll and overhead costs directly lost as a result of the COVID shutdown. As long as 75% of the loan was used to cover these costs, the loan would be forgiven.

The program totaled $349 billion dollars and the funds went fast over the last week. And now, federal lawmakers are struggling to agree on how to restore its funding.

Local Ohio State Rep. Haraz Ghanbari is asking small businesses to fill out a form sharing their story about their hardships with the state's Economic Recovery Task Force. He asks that you email him at Rep03@ohiohouse.gov with your submissions.

Genoa Bank President Martin Sutter said his bank processed 341 loan applications for the program, totaling $38 million, with $32 million funded, leaving the rest of the applicants up in the air.

Sutter said while he can't guarantee it, he's cautiously optimistic that Congress will approve more money for the program.