TAMPA, Fla — The last nine months have been a rollercoaster for Stanley Athan, owner of The Brunchery’s two locations in Hillsborough County.
"Truly the most difficult part is not knowing what's going to come next,” he said.
The shutdowns earlier this year and the continued need for social distancing mean business is down nearly 40 percent. However, the good news is billions more in stimulus money is on the way to small businesses.
On Monday, Congress passed a $900 billion COVID-19 relief bill that includes $325 billion for small businesses. Of that amount, $284 billion will go to another round of Paycheck Protection Program loans.
"I'm just glad that Congress has actually stepped in now and given a second stimulus to be able to help these people because the restaurant industry itself has been absolutely decimated,” Athan said. “What we're [on] about is that money will help get us through this difficult time, help keep our employees on staff because at the end of the day if we don't have employees, we cannot function as an open entity."
Small businesses keep our local economies alive. Few know that better than people like Roy Hellwege, CEO of Pilot Bank.
"Typically I'm against deficit spending. I'm against that type of thing. But in this case, both the initial stimulus it was clear it saved jobs, it supported households, it was absolutely appropriate in my mind," he said.
Over the last eight months, Pilot Bank has made more than eight hundred loans to help Tampa Bay businesses stay afloat. Now, he's upgrading technology to handle the influx of applications once the money is available.
"We plan on being ready day one when this program is ready to be rolled out," Hellwege said.
For small businesses that need more funding, experts say smaller loans are often more accessible through community banks than they might be with big ones. Many companies learned the hard way after facing rejection from larger banks during the first round of PPP loans.
"I'm just glad that Congress has actually stepped in now and given a second stimulus to be able to help these people because the restaurant industry itself has been absolutely decimated,” Athan said.
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