HUNTSVILLE, Ala. (WAFF) - Small businesses are the heart of our economy. That’s why local business owners are thankful for the latest round of relief.
Restaurants like Momma Goldbergs in Muscle Shoals had to close their doors for the whole month of April when COVID-19 hit.
Stimulus checks and the payroll protection program loan will hopefully keep this business going.
For the most recent PPP loans, businesses must have fewer than 300 employees and prove a revenue reduction of 25 percent, among other things, to qualify.
Restaurants can get up to 3.5 times their average payroll cost. Sixty percent must be spent on payroll and similar expenses to qualify for forgiveness.
While there are restrictions, Heather Wright with the Small Business Development Center said the new PPP program will be a big help.
The owner of Momma Goldberg’s, Preston Settle, also said stimulus checks to individuals will help him stay afloat.
“So as far as small businesses, parts of this bill was really dedicated to them which is why we were so anxious to get it passed,” said Heather Wright.
“It increases business on all levels. It increases revenue which helps me as a business owner and our community. The PPP specifically allows me to keep more people employed which is good,” said Preston Settle.
The second draw of PPP loans are available for borrowers that previously received the loan.