PPP’s Impact on Local Business
In early March 2020, many people perceived COVID-19 as a vague threat while they considered their top picks for the NCAA tournament and anticipated spring break trips to MLB training camps, Disney World and ski resorts. But by mid-March, mindsets changed dramatically as local companies implemented work-from-home policies and schools and non-essential businesses closed. For businesses that rely on faceto-face contact, from diners and dental practices to dance studios and décor stores, the pandemic not only disrupted routines but also jeopardized income. Fortunately, the Small Business Administration introduced its Paycheck Protection Program in late March to help small businesses, sole proprietors, independent contractors and self-employed persons weather the uncertainty. Loans could be used for 60 percent of payroll and for mortgage interest, rent and utility payments. Through conversations with an accountant, a banker, a dental practice administrative assistant and a sole proprietor, find out how the SBA program and community collaboration helped sustain local businesses during the coronavirus crisis.
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