Updated: April 28, 2020 06:18 PM
Created: April 28, 2020 04:26 PM
ALBUQUERQUE, N.M.- Numerous New Mexico businesses are benefiting from the Paycheck Protection Program.
Prior to the COVID-19 pandemic, Pratt Morales, owner of Golden Crown Panaderia, never thought he would be in a situation that would force him to take out a government-backed loan.
"It affected not only me, but my staff, my staff of seven people here, mostly young people," he said.
With reduced hours, and fixed expenses, Morales was worried about keeping his staff employed.
"I put in my paperwork in and I just got the word this morning," he said. "I got my loan approved."
However, he said the process wasn't smooth.
"Unfortunately, there was so much demand and so many lending institutions accessing the system at the same time it repeatedly crashed," Morales said.
Metta Smith, who works for DreamSpring, a financial institution that specializes in getting loans to small businesses in New Mexico, said Congress freed up $310 billion in the second round of PPP funding after the first found of fund ran out in 13 days.
Smith said DreamSpring has helped 343 small businesses in New Mexico secure a PPP loan this second time around, which allowed more than 1,900 hundred employees to keep
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