Entrepreneurs, like bar and restaurant owners, who received help through the Paycheck Protection Program are running low on funding and face more potential closures as Covid-19 cases rise.
Miller fears his restaurants can only make it another six to eight months absent more federal aid or a resumption of normal business.Funding issued through the Small Business Administration has been a financial lifeline for millions of small businesses during a recession that hit faster than any other in American history.
"How long will this last?" asked Lisa Hess, founder of Lucy's Coffee in San Luis Obispo, California. The firm took a PPP loan of about $23,000 and used up the cash in approximately six weeks. Hess has a second lifeline through the Economic Injury Disaster Loan program, a federal loan for small businesses affected by the Covid-19 crisis. She is reluctant to continue borrowing, especially since cash flow is tight.
Another $135 billion was issued through the disaster loan program, with an average loan of about $60,000., changing rules and limitations that made it difficult for some businesses to take advantage.
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