Column: The PPP is letting our small restaurants and businesses die [Los Angeles Times (CA)]
Potbelly Corporation (PBPB)
Last potbelly corporation earnings: 2/25 04:05 pm
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Source: Los Angeles Times
Restaurants are among the hardest-hit businesses during the coronavirus shutdown. The National Restaurant Assn. estimates that 3 million restaurant employees lost their jobs in March, a month in which restaurants lost about $45 billion in revenue. The industry is bleeding out. But while the airlines enjoy a $25-billion bailout, the CARES Act — a federal stimulus package for businesses and individuals affected by the coronavirus pandemic — and its centerpiece, the Paycheck Protection Program, is the equivalent of a Band-Aid — one of the small ones that goes around your finger. It’s leaving local restaurants and other small business owners wondering: Where’s the money? In the meantime, large chains like Ruth’s Chris Steakhouse and Potbelly Sandwich Shop are allowed to suck the fund dry, having been granted multimillion-dollar loans. The PPP is a Small Business Administration loan program designed to give small businesses financial relief. Businesses can apply for up to 250% of their m
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