LOUISVILLE, Ky. — The new $900 billion stimulus spending plan Congress passed includes $325 billion for small businesses. Long negotiations led to the package that has some feeling optimistic, though others feel it's more of a start than a finish. Whether or not it will be enough is the "million dollar question" for Greater Louisville Inc.
What You Need To Know
- New stimulus includes $325 billion for small businesses
- Some restaurants find it hard to remain hopeful
- Greater Louisville Inc. (GLI) is happy to see the stimulus plan
- Whether it will be enough to keep doors open is the "million dollar question," GLI's CEO says
Over the past roughly 10 months of the pandemic, which has brought restrictions for businesses and restaurants, restaurateurs are finding it increasingly harder to stay hopeful. Some have been forced to close permanently.
The latest stimulus should have catered more to those like the eateries Stacy Roof holds dear, the Kentucky Restaurant Association's CEO told Spectrum News 1.
“We’re kind of calling it like a 'down payment' on a relief package, because we know it’s not as complete as it could be. But they got done what I guess they thought they could get done," Roof said of the stimulus deal.
“There are restaurants that I talk to, restaurant owners, you know, that are in tears because they’re like up against the ropes," she continued.
Meanwhile, Greater Louisville Inc. (GLI) is happy to see the stimulus plan. The Chamber of Commerce boasts of its contents it had been pushing: "the major components of the package included funds for federal agencies through September of 2021 and $325 billion in aid for small businesses, nonprofits, and venues, specifically $275 billion was set aside for another round of the Paycheck Protection Program (PPP) funding," GLI wrote in a news release Tuesday.
But, will it be enough to keep doors open? "That is the million dollar question," answered GLI CEO Sarah Davasher-Wisdom.
"There are a number of businesses that have been especially hard hit," Davasher-Wisdom continued. "We’ve been in this for 10 months, and there are a number of restrictions businesses have been abiding by."
She adds, the hospitality industry is especially hard hit. It's a harsh reality for Roof. Both encourage people to keep patronizing the places they wish to see succeed.
"Yeah, I think there’s no doubt that we’ll see more closures," Roof admitted.
Roof encourages people to purchase gift cards and order carryout as often as possible.