Jeanie Wright was planning for a year of major growth in 2020 with her confection business, Alaskan Sweet Thing's. The company makes gourmet taffy, popcorn, fudge and more from glacier water, selling online and at its retail location.
Wright, like many small-business owners on Main Streets around the country, is facing down impossible decisions — like whether to keep her four employees on board, one of whom is her older sister — as they apply for loans that might offer them a chance to stay afloat amid the disruption caused by the efforts to stem the spread of COVID-19.
The CARES Act signed into law Friday will throw small businesses like Wright's a much-needed lifeline in the form of billions of dollars in loans under the SBA 7 loan program. Up to $10 million in loans, based on payroll, will be offered up for things like mortgages, leases, paying staff and utilities. There's also SBA's disaster loan program, with smaller loans of up to $2 million, for businesses impacted in hard-hit areas.
"As someone who develops properties, we saw 80% of our tenants be mandated to close," Duff said. "I think what was even scarier, and challenging, was the way that our small-business owners were having to lay off their friends and family. Employees really are family — it's figuring out what are we going to do to preserve cash? Can we stay open? Those kinds of decisions were not only traumatic, but challenging to work through.
Not just money flow is necessary, but so are customers. The REAL QUESTION IS: if the loans are grants, if they keep employees & they pay them although not working - WHY would we need Unemployment to be filed SullyCNBC
Big corporations that made poor decisions get free bailout, but small business get a loan. Makes a lot of sense.
No, it will toss welfare to the privileged--those who bend the knee to government to partake in what is a right of every Amerikan--free enterprise, entrepreneurship. This is nothing but welfare, the same as the pork barrel contained in the legislation. Immoral. Unjust. Socialism.
cc: dlrahall
$AMC will be booming
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