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West Virginia businesses adjust after Paycheck Protection Program loans run out, forgiveness opens

by Josiah Cork, The State Journal

CLARKSBURG, W.Va. — For many small businesses, loans from the Payroll Protection Program were a lifeline during the worst of the pandemic.

According to the U.S. Small Business Administration, The Payroll Protection Program provided two rounds of aid disbursement for eligible businesses.

As the name suggests, the funds were intended to allow businesses to cover payroll costs and employee benefits.

PPP funds could also be applied to other necessary expenses such as utilities, rent or mortgage interest.

However, the funds are now long gone, leaving some businesses without the crutch as the pandemic looks to drag on through the rest of 2021.

“I know a lot of our businesses took advantage of them that could,” said Kathy Wagner, president of the Harrison County Chamber of Commerce…

To read more: https://www.wvnews.com/statejournal/news/west-virginia-businesses-adjust-after-paycheck-protection-program-loans-run-out-forgiveness-opens/article_7173edf4-3d71-11ec-9f87-fb8a6317148c.html

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