KENTUCKY — Some Kentucky small businesses are hopeful they will get more financial assistance after the approval of a new round of COVID-19 relief loans.
What You Need To Know
- Small businesses hopeful for assistance after approval of new round of COVID-19 relief loans
- Owner of Angio's Italian Restaurant says new hope is instilled
- Owner says pandemic forced him to pivot to online orders, curbside
- He previously applied for the program, received $30,000
Hundreds of businesses across the Commonwealth have their eyes set on the $900 billion COVID-19 assistance package.
The forgivable loans provide funds for businesses to keep their employees on the payroll during the pandemic.
Owner of Angio's Italian Restaurant in Louisville, Michael Schmitt, said some new hope is instilled as he waits to see what comes out of the latest Paycheck Protection Program (PPP).
“Is it the right time for us? Yes. I wish I could say the same for everybody else 'cause I know it’s not,” Schmitt said.
He said the pandemic forced him to reinvent his business, selling pizza and pasta curbside and accommodating online orders.
“We had to pivot, too, a lot more online ordering, we had to pivot to curbside, which we’ve never done before, delivery,” Schmitt added.
Making ends meet became a reality for his small business, like many others in the restaurant industry.
Because of indoor dining restrictions throughout the year, Schmitt had to remove his buffet.
“It was almost $10,000 a month that we were doing just in buffet sales alone and all of that is just gone. It’s been a big hit,” Schmitt said.
When the first pandemic relief bill passed, he applied for the program and received nearly $30,000.
“We used it for exactly what it was made for: Payroll, rent, and utilities. It doesn’t take long for that money, it sound like a lot of money, but it goes really quickly," Schmitt added.
More than five million businesses across the country received PPP loans.
A total of $284 million has been set aside for this round.
To qualify for the loans, businesses must employ less than 300 workers, and the money they received the first round must be spent.
“It’s a life preserver for a lot of places, a lot of places haven’t even made it this far,” Schmitt said.
Thankfully, more help is on the way for places like Angio's Italian Restaurant.
“We’re the ones that need it more than big businesses. We don’t have the resources that they do. We’re kind of the lifeblood especially in Louisville,” Schmitt said.
While it’s unclear how much money Angio's Italian Restaurant will receive, business owners say it will help pay the employees and for rent.