LONGMONT, Colo — For small businesses trying to keep their doors open, the federal government has approved billions of dollars to help them through the Paycheck Protection Program (PPP).
Some Colorado companies, however, aren't having much luck getting that financial help.
Tutoring Excellence has been in business for eleven years, Cherilyn Ashley currently has twenty employees. She's trying everything she can to keep her employees but says she's running out of time.
"It feels like we're jumping through hoops," said Ashley about applying for a PPP loan.
She tried with Wells Fargo first but got an email that read, "due to high demand, we are not able to begin your application at this time... you may want to apply elsewhere to increase your chances." When Ashley tried going to other big banks, she was told she needed to be an existing customer to get help.
Other small business we talked to had better luck with smaller community banks like Solera National Bank.
"So far we've processed about 70 applications totaling about 20 million dollars," said CEO Marty May.
Like any new program - its been tough to get everyone up to speed but May said this has to be a priority. "The smaller banks seem to be going out of their way working around the clock to try and help people out," he said.
"It's scary you know and looking at it like I know we're not the only ones on this boat," said Ashley.
Ashley is not the only one, we know big banks like Wells Fargo are targetting businesses with fewer than 50 employees for PPP Loans. That leaves businesses with more employees out of luck.
If you're one of those businesses that want to keep employees but can't find the means to do so, we want to hear from you.
We need to get a better idea of what are the issues people are facing to see what we could do to help.
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