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Indy council approves plan to help small businesses get loans faster

More money is now available for small businesses impacted by the coronavirus pandemic.

INDIANAPOLIS (WTHR) - More money is now available for small businesses impacted by the coronavirus pandemic. That's after Congress added $310 billion to the Small Business Administration loan program.

Indianapolis city leaders want to make sure local businesses get some stimulus money before it runs out again.

Friday morning, the City-County Council held an emergency online meeting to vote on a $25 million "advance" for the Indy Chamber.

The Chamber, a qualified lender, is helping process loans. The goal of the $25 million advance (which the city will get back after the loans are approved) is intended to get money in the hands of small business owners as quickly as possible.

The SBA's Payroll Protection Program is also open to those who are self-employed, like Erica Manns. Manns is a hair stylist who rents space at a salon the city's east side, which has been closed more than a month now because of the coronavirus pandemic.

Manns, a single mother of five with two young children still at home, said it's the first time in her 20 years she's gone without a paycheck.

"Everything has been tight, you know, and kids home all day and just trying to make sure they're fed and everything," she said.

Her City-County Councilor LaKeisha Jackson encouraged her to apply for a PPP loan through the chamber. The loan is forgiven if 75% of it is spent on payroll. Manns hoped to get her application in this weekend.

"It will be able to help me (pay my) bills, keep food in the house and just get the things me and kids need," Manns said.

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