SALT LAKE CITY — The Paycheck Protection Program (PPP) loans have been a lifeline for many businesses across the state of Utah and the country because of tough times from the pandemic.
“They’ve been significant. You know, our industry has been hit very hard,” Andrew Tendick, owner of Proper Restaurants and Bars, said of COVID-19's impact on the food service industry.
While the first round of PPP funds had run out, about $285 billion of the $900 billion stimulus plan approved Monday will go to refilling the coffers of the program for businesses to apply for.
“The ability for all the businesses like ours to actually get a PPP loan ... that’s huge,” Tendick said. “The potential of some assistance coming into the winter here is going to be invaluable.”
Like restaurants and bars, the live event industry has also taken a big hit and needs loans like these to survive.
“Obviously, very glad. I think the whole country is very glad they passed something that they should have been able to pass three or four months ago," said Darin Piccoli, co-owner of The State Room Presents. “We are in the live events industry. We’re the heart of it — we have numerous music venues.”
They have yet to re-open since March 11 and have relied on the first round of PPP loans to survive.
While the new relief package is good news for them, Piccoli says there’s another issue.
“Right now, no bands are touring,” he said. “Maybe they can get a show in Utah, but they can’t get one in California or they can’t get one in Colorado.”
Still, as the vaccine has rolled out and PPP funds are being refilled, businesses FOX 13 spoke with were cautiously optimistic.