HEAT ALERT

Feels-like temps nearly 100 degrees on Long Island; scattered strong storms this afternoon and evening

Business owners prepared to receive lifeline in newest round of Paycheck Protection Program

Port Washington's Main Street is like many nationwide that has suffered during the pandemic. Some businesses are already gone while others are barely staying afloat.

News 12 Staff

Dec 22, 2020, 10:57 PM

Updated 1,278 days ago

Share:

The new stimulus bill comes with another round of the Payroll Protection Program for struggling businesses.
Port Washington's Main Street is like many nationwide that has suffered during the pandemic. Some businesses are already gone, while others are barely staying afloat.
But with more of the PPP on the way, some new hope has been instilled.
One woman who had owned a seamstress business for 15 years in Port Washington was forced to close up shop, but kept business going from her house.
"We have worked the entire time. We made masks, we were allowed to stay open because we were essential workers," says Nancy Sinoway. "Plus, we donated. We just donated to the Sands Point Nursing Home for all the elder women so they can look pretty for Christmas. So, we've done our share. We just need one more little boost."
One new requirement in the upcoming PPP is that a business has to show that in any given quarter in 2020 that they made at least 25% less revenue in that same quarter last year.
There are some details about the new program that have yet to come out. But the theory behind it is the same: That small businesses can get loans to meet the payroll and are completely forgivable if their staff is kept on for a certain period of time.
Economic analyst Marty Cantor says the next round of PPP money will be a lifeline for industries such as restaurants, nightclubs and movie theatres that were devastated by the pandemic.
"Most important, it's necessary to put the people who were laid off back on the payroll," says Cantor. "That's the most important things about the PPP program. It's not only to keep businesses afloat, but it's to keep people employed."
More than 5 million businesses across the country received PPP loans in earlier programs. A total of $284 billion has been set aside for this round.


More from News 12