Bob Giaimo, creator regarding the Silver Diner restaurant string, is hoping to get crisis financing into the coming days through a loan program that is federal. But he does not wish to invest the funds straight away.
Small-business owners are supposed to utilize the loans straight away to help keep workers on the payrolls throughout the coronavirus crisis, but in the brief minute there was small for Giaimo’s employees doing. Their restaurants in Virginia, Maryland additionally the District are going to be closed for sit-down solution until neighborhood officials let them reopen.
“Getting the mortgage is difficult sufficient. Utilizing it is harder,” stated Giaimo, that is lobbying their people in Congress to get more flexible loan terms.
Their frustration is certainly one of a variety provided by business people as they you will need to navigate the $349 billion Paycheck Protection Program — the initiative that is week-old Congress is considering expanding with another $250 billion in money. [Read more…]
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