SARASOTA COUNTY (WSNN) – Suncoast businesses are operating on survival mode using small business loans to stay alive in this pandemic.
$521 billion has passed to small businesses through the Paycheck Protection Program, according to the U.S. Treasury this week.
“I don’t know where we would have been if we didn’t get the PPP money,” Left Coast Seafood manager, Mariel Arbuckle-Terone, said.
Arbuckle-Terone says when the governor shut everything down, they laid off everyone. When they opened up again, with dinner takeouts and operating at 50 percent capacity, she says they brought back about 80 percent of the staff.
“We are open back to our regular hours, seven days a week, lunch and dinner, because we were able to bring back enough staff members to do so,” Arbuckle-Terone said. “It was kind of a struggle with some of the staff members whether or not if it was even worth coming back to work because of unemployment, but because of PPP, we were able to offer them a lucrative amount to come back.”
The Paycheck Protection Program was designed to help small businesses during the coronavirus crisis, covering eight weeks of payroll and other expenses.
A Venice airport restaurant, Suncoast Cafe, lost 50 percent of its employees due to the pandemic. Owner, Deb DuBoulay says she’s focused on survival, using the PPP money for staff and rent.
“I don’t want to say that we were struggling to the point of where I don’t know if we would have made it, because don’t think we’re to that point yet. Had it gone longer, before we got our PPP, absolutely,” DuBoulay said.
Josh Brown is controller of a Suncoast marketing company. He characterizes using PPP funds as creating a chain reaction to keeping several companies alive.
“By being able to pay our people, we kept being able to deliver to our customers,” Brown said. “So being the customers receiving our services, they could continue to stay on board with us. So, it kept them going as well. So, if they were going, they were able to serve their customers.”
The loan prevented layoffs and salary reductions.
But the PPP money is running out. And since the coronavirus cases don’t seem to be turning around as DuBoulay hoped, she says it would be nice to see another round.
“We would love it if they would give another round instead of just extending it,” DuBoulay said. “Those people, like us who used it like we were told to use it originally, it would be nice if would apply for another round.”
For those businesses who have not applied for the PPP loan, President Donald Trump extended the deadline from June 30th to August 8th. The government allocated $659 billion dollars and approximately $138 billion remains.