Title: These small business owners got Paycheck Protection loans, but they're afraid to use the money - CNN
Headings: These small business owners got PPP loans, but they're afraid to use the money
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These small business owners got PPP loans, but they're afraid to use the money
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Content: or the business may reopen, but have a hard time paying employees because it's unlikely to turn a profit quickly. Rick Schumtzler, right, founder of GYM Sportsbar, with business partner Erich Courage. If the business doesn't spend the money according to the rules, they must pay back whatever portion of the loan isn't forgiven at a 1% interest rate over two years. Read More
Schmutzler expects that when his three bars reopen, they'll be operating at a loss for months because most states likely won't let restaurants and bars operate at full capacity, he says, and a lot of patrons initially may be too afraid to come. Currently, he is using some of his PPP loan money to pay those employees who have not gotten unemployment benefits or any other financial relief yet. As for the rest of the loan, he's trying to figure out the best ways to spend it to give his business -- and by extension his staff -- a chance to survive. Beyond payroll expenses, Schutzler also may use some of the money to pay for antibody testing for staff. "If I have to pay back half the loan, well, then I'll pay it back," he said. " But I'm not going to do something that is dumb for the business." Kurt Huffman, who owns the restaurant group ChefStable in Oregon, sees the PPP loan as a welcome lifeline but says the eight-week window to qualify for forgiveness is much too tight for restaurants.