Small business loans dry up

Feds out of funding for program

2,141.

The death toll stands at 60.

Corona stinger running small businesses during a worldwide pandemic has proven to be nearly impossible.

To help small businesses stay afloat... the federal government's paycheck protection program loaned billions of dollars to millions of businesses.

But now the feds turning down applications.

Kimt news 3's isabella basco fills us in.

Isabella?

To put it simply?

The paycheck protection money is out of money.

While everyone across the country will feel the brunt?

It's going to also hurt businesses like the ones here in downtown rochester.

349 billion dollars.

Used up.

In minnesota alone?

33,800 loans were granted.

Rochester area chamber of commerce president kathleen harrington believes it's a crushing blow for med city businesses.

"small business has been most seriously harmed by this, they have the least reserves and probably the most difficulty in maintaining employees right now."

Businesses and their financial problems are only exacerbated by mayo clinic's pay cuts and furloughs.

"hotels are 10 percent capacity, restaurants have no customers, they're not open but even carryouts have limited customers, the impact on the community is doubled, tripled because mayo is so hurt."

Photographer michelle fagan operates this studio on south broadway.

She applied and got a loan from the program.

"it's already hard to operate a small business in downtown rochester with continued construction, rising costs, fees always going up, property taxes going up."

Making ends meet is challenging during these unprecedented times.

"we have not really been able to operate at a normal capacity, our event venue is closed, we're not doing photography of people at this time."

It's an uphill battle every day for hardworking americans?

But it's a battle worth winning.

"what small business does have is the ability to be flexible, to innovate, to respond to the tomorrow?

The rochester area chamber of commerce is holding a webinar where a member of sen.

Klobuchar's staff will give information on what is happening in dc.

Live in rochester ib kimt news 3.

Thanks isabella.

The rochester area chamber of commerce is working with local government... urging leaders to defer the payment of property taxes for