Some Idaho business owners are hoping the PPP assistance comes with a revised set of regulations on how one can spend those dollars.
OUR TOP STORY ATTEN -- THE NEXTINSTALLMENT IN OURNEW REBOUNDIDAHO SERIES.OUR COMPANY ISCOMMITTED TOSHINING A LIGHT INTHESE UNCERTAINTIMES."REBOUND IDAHO"...FOCUSES ONHELPING YOU ANDYOUR FAMILY...NAVIGATE THECORONAVIRUSCRISIS... AND WHATCOMES NEXT.TODAY INWASHINGTON... THESENATE APPROVED ANEARLY 500 BILLIONDOLLAR"CORONAVIRUS AID"BILL AIMING TODELIVER FUNDS TOSMALL BUSINESSES.HOSPITALS.
ANDTESTING.IT INCLUDES 321BILLION DOLLARSFOR THE DEPLETEDPAYCHECKPROTECTIONPROGRAM AND 60BILLION FORECONOMIC DISASTERLOANS AND GRANTS.BUT AS OURMADELINE WHITEREPORTS... SOMEIDAHO BUSINESSOWNERS ARE HOPINGTHE ASSISTANCECOMES WITH AREVISED SET OFREGULATIONS."THEY'RE THERE FORUS FOR ALL OF OURGROOMING NEEDSAND OFTEN MAKEGREAT LISTENERSBUT YOU PROBABLYHAVEN'T SEEN THEMIN A WHILE.
I'MTALKING ABOUTSALON OWNERS.
ANDIT'S IDAHO'SBUSINESS OWNERSLIKE THEM THAT INMANY CASES ARESLIPPING THROUGHTHE CRACKS OF THEPAYCHECKPROTECTIONPROGRAM.""VERY RARELY AREYOU GONNA HEAR, 'IWANNA DO HAIR OR IWANNA DO NAILS,BECAUSE IT'S GONNAMAKE ME TONS OFMONEY,'"HAILEY OWEN DOESIT FOR LOVE OF THECRAFT.
BORN ANDRAISED IN ELMORECOUNTY .
SHECOMES FROM A LONGLINE OF SMALLBUSINESS OWNERS."MY GRANDMA HASOWNED A SALONSINCE AS LONG AS ICAN REMEMBER ANDMY MOM IS ALSO ACOSMETOLOGIST."SHE OWNS BLACKSHEEP BOUTIQUEAND SALON INMOUNTAIN HOME.LIKE EVERYONE ELSESHE'S HAD TOTEMPORARILY CLOSE.PER AN S-B-AREPRESENTATIVE.
ASALON OWNER LIKEHAILEY CAN APPLYFOR THE PAYCHECKPROTECTIONPROGRAM TO COVERHER SALARY BUTSHE CANNOT APPLYTO COVER THEPAYROLL OF THESTYLISTS BECAUSETHEY AREINDEPENDENTCONTRACTORS, NOTEMPLOYEES.
THEYLEASE THEIR CHAIRSAS IS THE CASE INMANY SALONS.
BUTTHAT LEASE MONEYISN'T COMING IN."I PERSONALLYCHOSE NOT TOCHARGE MY GIRLSRENT THROUGH THIS,UM, GOSH, IT SUCKSBAD ENOUGH THATTHEY CAN'T COME TOWORK AND THATTHEY'RESTRUGGLING TO PAYTHEIR BILLS, LETALONE ME ASKINGTHEM - HEY I KNOWYOU'RE STRUGGLINGBUT I STILL NEED MYMONEY."SO SHE'S TRYING TOMAKE IT ALL WORKON HER END BUTHER BIGGEST COSTIS RENT."COMMERCIALSPACES IN MOUNTAINHOME AREN'T CHEAPAS IT IS."HERE'S THE CATCHTHE PPP REQUIRESTHAT 75 PERCENT OFTHE LOAN WOULDNEED TO GO TOWARDPAYROLL OR IN HERCASE, HER OWNWAGES ONLY 25PERCENT OF THATCASH COULD GOTOWARD HERBIGGEST EXPENSE:RENT."IS THAT GOING TOSTILL BE THEREGULATION WHEREITS YA KNOW 75PERCENT STILL HASTO BE PAYROLLFOCUSED?""YES AS A MATTER OFFACT THATREQUIREMENT WASIN THE STATUTE."HE SAYS CONGRESSWOULD NEED TO FIXTHAT."CONGRESS ISAWARE OF THAT ANDAS YOU KNOW WE'REMOVING IN THETRENCHES TRYINGTO DEAL WITH THIS.AND SO I WOULDN'TBE SURPRISED IFFLEXIBILITY TO FIXTHAT WASN'TINCLUDED.
BECAUSETHERE ARE LOT OFPEOPLE WHO DON'THAVE A HIGH NUMBEROF EMPLOYEES THATDO HAVE A HIGHERRATIO OF FIXEDCOSTS LIKE THEIRRENT."CRAPO SAYSECONOMIC IMPACTDISASTER LOANSWHICH WILL BEREPLENISHED IN THENEW DEAL CAN BEUSED TOWARD RENTAND ARE A GOODOPTION FOR PEOPLEIN HAILEY'SSITUATION.
SHEAPPLIED BUT IS STILLWAITING TO HEARBACK.
STILL - HAILEYSAYS SHE'S HAPPY TOHEAR CRAPO SAYTHAT CONGRESS ISAWARE OF THISISSUE WITH THE PPP."IT'S REALLYHUMBLING JUST TOKNOW THAT, SO FARUP THE CHAIN THATTHEY REALIZE THATTHERE ARE LITTLEGUYS LIKE ME ANDSO MANY OTHERSTHAT ARESTRUGGLING.""WE WANT TOCONTINUE GETTINGYOUR QUESTIONSANSWERED, BUT TODO THAT WE NEED TOHEAR FROM YOU SOSEND US AN EMAIL ATTHEREBOUND@IDAHONEWS6.COM.THE HOUSE ISEXPECTED TO TAKEUP AND PASS THE$484 BILLION DOLLARRELIEF BILL ONTHURSDAY.
WE'LLKEEP YOU UPDATED.MADELINE WHITE.IDAHO NEWS 6."
Idaho’s small business owners, listen here: the federal government’s emergency lending program started operating again Monday..
More financial relief is on the way to aid struggling small businesses as many remain temporarily closed due to the COVID-19..