Some restaurants getting by with PPP loans
UPDATED 10:02 AM PT — Tuesday, May 5, 2020
The Payroll Protection Program loan is helping some small businesses reopen across the country, but many restaurants are still faced with a dramatic drop in business.
For Chris and Amy Hillyard, their cafe in Oakland, California brought in less than 10 percent their usual monthly sales in April. The Hillyard’s business, a restaurant called Farley’s East, is one of 2.5 million companies to receive the loan.
This has allowed them to stay afloat amid the devastating economic blow of the COVID-19 pandemic, which came as a relief after the cafe had to let several employees go last month.
“I’m definitely feeling more optimistic than I was certainly in the week after we had closed,” said owner Chris Hillyard. “That was, you know, a pretty depressing situation and really sad for all our staff that we had to lay off at that point.”
Moving forward, the Hillyard’s plan to use their $221,000 loan to cover payroll, utilities and rent. In the meantime, they will be selling take-out dinners and provisions to help supplement their income.
Since the Paycheck Protection Program was launched, more than 11,840 small businesses in Wyoming have been approved for loans to help keep employees on the payroll. More information about PPP loans, including the application, can be found here: https://t.co/6IjZ49sysq pic.twitter.com/rkTJtdtwyU
— Rep. Liz Cheney (@RepLizCheney) May 5, 2020