EDITOR: We were set to have our most profitable year yet, but when COVID-19 hit, we had to close our gym. Then came the Paycheck Protection Program (PPP) and with it more frustration as we received little guidance on the application process and loan forgiveness. Now, we have the Paycheck Protection Flexibility Act, a piece of legislation that finally takes into account the true costs of running a small business.
I’m grateful for the loan I received through PPP. It allowed me to move my business online and without that capability, we’d have no income to keep us afloat. But now that we have the money, it’s become clear PPP as-is will not afford small businesses enough flexibility. For example, my payroll is only 25 percent of my expenses, so I can’t expect to have my full loan forgiven. Every business runs differently and has different needs during this crisis.
I am glad Congress passed the Paycheck Protection Flexibility Act last week to ensure small businesses receive the support we need through the loan program. PPP wasn’t set up in a way to provide adequate relief for small businesses, but this legislation works to fix that.
— Sven Martin, via letters@sentinelcolorado.com