RICHMOND, Va. (WRIC) — Round 60,000 small companies are actually authorised for forgivable loans with a purpose to maintain their companies operating through the pandemic, in accordance with the Small Enterprise Administration.
This, after the SBA reopened the Paycheck Safety Program.
A neighborhood restaurant proprietor stated with out this funding, they could be pressured to shut.
One of many house owners at Southbound restaurant in Bon Air tells 8News they utilized for round $190,000 in loans, with a purpose to pay payments and their staff.
“It’s only a waterfall of issues for everybody,” stated co-owner and chef Lee Gregory.
Gregory stated they have been authorised for a primary spherical of funding, serving to them maintain their doorways open via the summer time.
“All of us, I’m certain, have requested our landlords and everybody for assist, however, you recognize, these guys are in the identical place we’re in,” Gregory informed 8News.
Gregory stated enterprise at Southbound went down 40% to 50% as a result of pandemic, and PPP loans helped them get by.
These federal loans and altering enterprise fashions to incorporate to-go orders assist, however Gregory stated the purchasers are what helps maintain their doorways open.
“To-go meals would possibly assist you pay a number of the payments, however actually it’s folks in there, you recognize, ordering an additional glass of wine or an additional beer, you recognize, getting dessert, and that form of factor that basically, actually simply saves you within the restaurant enterprise,” Gregory informed 8News Saturday.
After making use of for a primary spherical of funding in an in depth software course of, Gregory hopes the method for this second spherical of funding can be faster than final time.
“The PPP will assist us, you recognize, get via this final hopeful six or eight weeks, you recognize, three months, no matter it’s, in order that hopefully come summertime we’re all moved previous this and everybody’s vaccinated,” Gregory stated.
Southbound was in a position to get round $150,000 in funding from the SBA in one of many first rounds of funding, and utilized for round $190,000 within the second spherical.
To be eligible for this second spherical of funding, companies must have lower than 300 staff, have spent all the first mortgage on objects authorised by the SBA, and have seen at the very least a 25% lower in product sales between 2019 and 2020.
— to www.wric.com
The post ‘The PPP will help us’: RVA business owner hopes to get funding after SBA reopens loan program appeared first on Correct Success.
source https://correctsuccess.com/loans/business-loans/the-ppp-will-help-us-rva-business-owner-hopes-to-get-funding-after-sba-reopens-loan-program/
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