The U.S. Authorities Small Companies Administration stopped in Macon to update the Paycheck Security Service latest.
“In the United States, there are 31 million small companies,” the US Administrator said. Jovita Carranza, small business owner.
Collins Production in Macon is one of the companies according to Carranza.
Larry and Gwen Collins say their agency, Greene Machine & Manufacturing Inc., was open for almost 15 years.
Small Companies try to get back up
When she and her husband become the company’s founder and vice president, Gwen Collins says they changed his name and hired staff.
Collins claims they wanted to retain their staff through the pandemic, so they did not lock their doors as other important companies.
“We ‘re doing a lot of government procurement. For the defense department which makes us important. But we just didn’t shut down”. Collins said.
Collins also claims they will have to furlough the workers without the SBA Paycheck Insurance Scheme.
“In view of the fact. We were also already employed and producing the items. We weren’t going to get paid before we can manufacture and get it tested so that it really helps to have the buffer during this unpredictable period, “Collins explained.
According to Carranza of SBA, as part of their Paycheck Insurance Scheme , the government has given away almost $14 billion.
Carranza claims it earned the money from 174,000 small companies in California , Texas, and Georgia. She says about $30bn are still available.
“The president is very careful. To ensure we are maintaining our economy”. Carranza said.
The next round of PPP would allow small companies to reapply, and loans will be forgivable, the SBA administrator says.
“They are likely to do that in the same way as maintaining workers, keeping their jobs, continuing their compensation and even supporting small companies manage their running costs,” Carranza said.
The couple were lucky to have been able to cash in on the first round of loans, earning about $300,000 according to Larry and Gwen Collins.