Small business owners in New Jersey feel a little better about their situation after receiving loans through the Paycheck Protection Program.
Many New Jersey businesses did not qualify for the first round of loans. But now most are in the process of being approved.
News 12 New Jersey spoke with the owners of a North Bergen-based landscaping company and a restaurant owner in Hoboken who have both secured federal loans to help their businesses that have been affected by the COVID-19 pandemic. Homeowners say the loans were deposited into their accounts over the weekend and the money will allow them to pay their staff. They say it gives them hope that they can stay in business during the crisis.
“It relieved me… now at least I can keep my employees. I can pay them. The money that comes in is small, ”explains Valerie Hufnagel of Hufnagel Landscape Design and Construction.
“I think I was depressed the last few weeks, and getting this was so huge,” said Travis Young, owner of Elysian Café. “Just to know that we now have a chance to keep our restaurant – to keep our business going – to pay the staff.”
Business owners say they make sure that the money is used correctly. The loan is fully repayable if the owners use the fund as intended. Most of it has to go to payroll, but they can also use it for other things like utilities and rent.