MONTGOMERY, Ala. (WSFA) – Around $5 million in federal ARPA funds were allocated to Montgomery small businesses in 2021, and five years later, much of that money still hasn’t been distributed. It reverts back to the federal government if it isn’t spent by the end of the year.
“Sadly, I would say that many of the businesses that needed this money have probably already gone under,” said Wade Preston, the co-founder of Prevail Union coffee on Montgomery’s historic Dexter Avenue.
Preston believes the money should have been in the hands of small business owners a long time ago. Instead, he says the money that has been distributed so far has gone to consultants, an underwhelming loan program, and Montgomery’s Small Business One Stop Shop (SBOSS)…