VIRGINIA BEACH, Va. (WAVY) — Congresswoman Elaine Luria has created a small business hotline for people who need help applying for loans during the coronavirus pandemic.
Luria, who represents Virginia’s 2nd Congressional District, created the hotline after Hampton Roads residents expressed frustrations over the complicated process of applying for loans through the Small Business Administration’s Paycheck Protection Program, according to a news release.
The Paycheck Protection Program, created as part of the $2 trillion coronavirus relief package from Congress, was put on hold on Thursday after the SBA said it had reached the $349 billion spending limit for the program.
Congress must approved more funding, but it’s unclear when a deal will be reached.
RELATED: Small business lending program on hold after hitting $349 billion limit
The program provides small businesses and nonprofit organizations with forgivable loans to help cover business costs, like payroll, for two months. But applying for a loan through the SBA isn’t always cut and dry, which is why Luria created the hotline. It will be staffed by a dedicated member of her team who specializes in small business assistance and economic relief programs offered through the CARES Act, the news release states.
The hotline can be reached at (757) 364-7632.
“As a former small business owner, I share the frustrations felt by small business owners across Hampton Roads who are relying on these economic relief programs to weather this crisis,” Luria said in a statement. “This hotline will provide them a direct line of communication to my office os that we can provide the information and support they need.”