Local small businesses plan to apply for PPP in new stimulus package
SANTA CRUZ, Calif. (KION) Congressional leaders reached a deal Sunday on a new $900 billion COVID-19 economic relief package. In addition to enhanced unemployment and $600 checks for people making less than $75,000, some small businesses will receive a much needed boost.
$284 billion will go to the Paycheck Protection Program (PPP) for small businesses, created under the original CARES Act in March.
“That was really a lifesaver, because that was when it was truly at its worst,” owner of Betty Burger's Laurie Negro said.
The popular burger joint that has four locations around Santa Cruz received almost $200,000 from the PPP in the first federal stimulus package in the spring.
“Especially my guys in the kitchen who have been with me many years a lot of them couldn’t afford to take time off or go to fewer shifts," Negro said. "This is their family that they’re supporting.”
Business picked up over the summer, but now with outdoor dining closed and a slow season in Santa Cruz, any help from a COVID relief package is very welcomed.
“If you can make it through the next three months, I think you’ll have a solid business going forward,” Negro said.
$284 billion of the relief package goes into the Paycheck Protection Program. Small businesses that didn’t receive money in the first stimulus are prioritized along with minority and women owned businesses. Any small business that shows losses of more than 25% is eligible for the relief too.