says the bill’s stipulation that 75% of funds need to be used on payroll if loans are to be forgiven does not make sense for her business at this time.
“This particular provision tells me that the government doesn't understand small business at all,” says Perry. “While we are shut down, I have no work for employees to do. Why would I rehire them now?”
Since dining rooms may not be permitted to reopen for months, the Restaurant Association suggested extending the time frame of the loans so they can be used through December 2020, “Many folks who are working from home, receiving their paychecks, may even come out ahead with some of the stimulus money,” she explains. “For us, that’s not the case.” including Lakeshore Sport & Fitness, agrees that Congress is not fully grasping what small businesses need to survive the coronavirus pandemic.
“The retail/restaurant/small business world will not bounce back overnight,” Goodman explains. “We will need help for months to come or we will have to close. If that happens, people lose jobs, lenders lose loans and landlords lose tenants, not to mention the disruption to our vendors. They will then do the same thing to their supply chain and creditors.”
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