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Seattle Veterinary Associates is amid the millions of businesses that accept accustomed loans through the federal Paycheck Protection Program. Courtesy of Seattle Veterinary Associates
So far, there’ve been about 4.9 actor loans fabricated beneath the Paycheck Protection Program. A little over a anniversary ago, the Trump administering confused the appliance borderline out to August 8 because the Baby Business Administering says there’s still added than $100 billion larboard in the fund. So appliance abstracts appear by the federal government aftermost anniversary on which businesses accustomed money through the program, we looked at how some of those 4.9 actor loans played out in one community.
“Near the end of June, we accept fabricated 800 loans and they totaled over $72 million,” said Laurie Stewart, the CEO of Sound Association Bank, which is headquartered in Seattle.
We’ve arrested in with her a brace of times aback her coffer became one of the program’s added than 5,400 accommodating lenders. “We’ve adored bags of jobs,” she said.
Stewart said those jobs accommodate aggregate from baby contractors and restaurant advisers to auto mechanics and fisherman. “If you can brainstorm the baby businesses that accomplish up the bolt of our country, these are the association that came to us for loans,” she said.
Brad Khouri at b9 Architects in Seattle was one of them. Aback the communicable hit, Khouri said, some of his company’s projects went on hold, while some that were declared to alpha abolished altogether. “I was anxious about how I would abutment my agents and how I could advance adherence for them, and so the accommodation anon provided that,” he said.
Meanwhile, Steven Freygang, who works with an alignment alleged Wave Aquatics, which provides pond lessons, baptize polo and added programs, acclimated a PPP accommodation from Sound Association Coffer to advice accumulate pond coaches and lifeguards, as able-bodied as operational and authoritative staff, on the payroll.
“If we had not gotten the loan, we would accept had to lay bodies off, apparently on a abiding basis,” Freygang said. “Today we do accept anybody on bulk who adopted to return.”
Around the aforementioned time, Mark Donovan and his ally at Seattle Veterinary Associates saw appeal at their dispensary bead badly and became anxious about the 85 advisers on their payroll. “If we had not auspiciously accustomed a PPP loan, it would accept been acutely challenging, if not impossible, for us to accumulate that workforce intact,” he said.
According to the Census Bureau’s Baby Business Pulse Survey, about 75% of baby businesses approved PPP loans, and about 72% of them got PPP loans.
Tess Thomas, the buyer of Emma’s BBQ in south Seattle, is one of the business owners who didn’t. “Sometimes aback you don’t accept that A acclaim rating, it works adjoin you, and it works doubly adamantine adjoin African American people” she said. “I’m a being that can appear to assignment every day, and assignment day in and day out and do what I charge to do, but I’ve not consistently been so advantageous in the banking area.”
Thomas said she looked into accepting a PPP accommodation and started the appliance action with her bank, but afterwards attractive at her acclaim account and all of the affidavit they were allurement for, she absitively it apparently wouldn’t be account her time to go through with the application.
“Finally, I aloof gave up alike trying,” she said. “And I apperceive that I’m not the alone one that has gone through this in African American businesses actuality in this community.”
So Thomas cut hours for her staff, she’s alone aperture the restaurant three canicule a anniversary and she’s aloof aggravating to adhere on until the abridgement and the virus about-face around.
What’s the latest on the added COVID-19 unemployment benefits?
As of now, those $600-a-week payments will stop at the end of July. For many, unemployment payments accept been a lifeline, but one that is about to end, if annihilation changes. The agitation over whether or not to extend these allowances continues amid lawmakers.
With a fasten in the cardinal of COVID-19 cases, are restaurants and confined shutting aback down?
The latest jobs address shows that 4.8 actor Americans went aback to assignment in June. Added than 30% of those job assets were from confined and restaurants. But those industries are in agitation again. For example, because of the abrupt acceleration in COVID-19 cases in Texas, Gov. Greg Abbott, a Republican, added restrictions on restaurant capacities and bankrupt bars. It’s created a logistical nightmare.
Which businesses got Paycheck Protection Affairs loans?
The numbers are in — well, at atomic in part. The federal government has released the names of companies that accustomed loans of $150,000 or added through the Paycheck Protection Program.
Some of the companies bodies are afraid got loans accommodate Kanye West’s appearance line, Yeezy, TGI Fridays and P.F. Chang’s. The companies you adeptness not recognize, decidedly some abate businesses, were able to appoint aback agents or partially reopen acknowledgment to the loans.
You can acquisition answers to added questions on unemployment allowances and COVID-19 here.
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