JACKSONVILLE, Fla. — Small businesses will get another opportunity to get some much needed financial help.
Action News Jax’s Courtney Cole explains the changes the Biden administration has made to the Paycheck Protection Program, and talks to a business owner who says he plans to apply.
“Buying a business in the middle of a pandemic, crazy! But hey, you have to take a risk sometimes!,” exclaimed Angelo Mincey.
Mincey is the owner of Sivada’s Cupcakery on St. Johns Avenue in Avondale. He told Cole he bought the storefront location from the previous owner about a year ago.
“Crème brûlée, the wedding cake and the strawberry are hands-down the top sellers,” Mincey said proudly.
Even with top-selling sweet treats, he said he still needs some financial help.
“Either I’ve taken out of my personal finance, or you know when we first started, my mom always taught me a lesson, ‘... you save for the future.’ And one of my mentors, Robert Brooks, taught me how to do that,” Mincey explained.
The young business owner said he has also used microloans and let two employees go. That now leaves him with just two employees, including himself.
According to The White House, 400,000 businesses have closed since the beginning of the pandemic. But Sivada’s Cupcakery has been fortunate enough to be able to keep their doors open to customers during the pandemic.
Changes made to the Paycheck Protection Program, by President Joe Biden’s administration, will allow for business owners like Mincey to apply.
Starting today, small businesses and nonprofits with less than 20 employees are eligible.
“It’s great news, hopefully!” exclaimed Mincey.
Business owners with student loan default or a non-fraud-related criminal record; and businesses owned and operated by one person will be able to apply.
“I didn’t know the new information, but now that I know that, I’m going to look into it and see what’s possible. And hopefully we can bring in some of those funds,” said Mincey.
Business owners can apply through the Small Business Administration for the next 14 days.
To apply, click here.
To read more of President Biden’s remarks on helping small businesses, click here.
Cox Media Group