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WNY small businesses rushing to apply for federal loans

Posted at 12:00 AM, Apr 08, 2020
and last updated 2020-04-08 00:04:54-04

BUFFALO, N.Y. (WKBW) — Architect for Men, like so many other small businesses, is closed up because of COVID-19. Michael Dinino has owned the Main Street barbershop for the past three years. So, when the stimulus plan passed, and small businesses were allowed to file for loans, Dinino jumped all over it.

Like so many business owners, and even banks at first, he didn't know where to start.

There are two types of loans offered. One covers business costs, the other to pay employees. A business can apply for both.

It's a confusing first step for places like Architect for Men. Each barber is their own boss and technically their own business.

"These guys don't have accountants and now they have to go figure out how to process this paperwork. And it's been nothing but a hassle and I have an accountant who is paid to do these things," said Dinino.

Representatives from local banks say they can guide anyone through the application process.

KeyBank wrote:

"We understand how critical this much needed support is to many of our business clients and are committed to helping them access it.”

M&T Bank added:

"Our teams are working under unprecedented circumstances to meet unprecedented needs, and our goal is to provide assistance to the highest number of businesses in the shortest amount of time.”