Paycheck Protection Program Loans are being utilized in the medical field
LOUISVILLE, Miss. (WCBI)- Some may have heard of the Paycheck Protection Program or PPP Loans. The federal loans were made available to help keep local businesses stay afloat and keep people employed. Thousands of companies have applied for loans in small and large amounts. When the pandemic began, and business dropped off, companies worried about making payroll, and that’s where PPP loans came in.
“We weren’t getting the revenue in to pay our employees so it was very vital that we got that particular funding source that helped us do exactly what we wanted to do and that is to keep everybody employed and keep the economy going as much as possible,” said the chief executive officer of Winston Medical Center Paul Black.
Black said the process for getting the loan was fairly easy despite a few early changes.
“The biggest problem with the process at the very beginning is the rules kept changing and the information they wanted just kept changing so I think it went through about six iterations before we got the final document out there and once we did that it went ok,” said Black.
The medical center was able to get nearly 2.5 million dollars and Black said all of it was used to benefit the hospital and the people who work there.
“We did not do any layoffs or furloughs at any time. I mean you know there have been some people that have come and gone but as far as a widespread furlough or a layoff because of the covid we did not do that,” said Black.
Black said the hospital, clinic, and nursing home were all affected during the pandemic, but some struggles continued despite the loan.
“We got hit in the nursing home the latter part of October first of November is where our utilization dropped and it’s down significantly it’s down at least 30 percent and it just hasn’t come back yet,” said Black.
There are multiple ways to get around the process of getting the loan, but Black said he stayed true to the right way.
“We utilized it the way it was supposed to be utilized and that was to pay payroll-related benefits, lease payments that may have been out there anything that we had that when they first put out what you needed to use it for I mean that’s what we used it for,” said Black.
Some companies are still eligible for PPP loans until May 31, 2021.
Leave a Reply