Four small business owners shared their experiences with the Paycheck Protection Program during the pandemic.
Genevieve Villamora, co-owner of the Washington, D.C., restaurant Bad Saint, works in July of 2019. While a PPP loan from the government has kept the famed restaurant afloat, the program is coming to a close without plans for next steps. While a PPP loan from the government has kept the famed restaurant afloat, the program is coming to a close without plans for next steps.
The program, not without its faults, has helped more than 5 million businesses but to varying degrees -- some ran out of money within a month, with others stretching their loans a bit longer. As local economies gradually reopen during the pandemic, the return of walk-up customers is helping small businesses financially, but owners worry about the resurgence of covid-19 cases."People are incredibly resilient and resourceful, but all of their resourcefulness and new business ideas for streams of revenue will come to naught if the pandemic continues to worsen," Villamora said.
Kathleen Donahue’s store, Labyrinth Games & Puzzles, has reopened for limited in-store shopping but is seeing just a fraction of pre-pandemic foot traffic. Small business owners Mia and Okera Stewart of Washington, D.C., say the coronavirus pandemic and looting during recent protests have dealt a financial blow that is testing their ability to remain open.
Brey said he was grateful for PPP but that small business owners still needed lawmakers to be more"forward looking."
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