DENVER (CBS4) – It was a program designed to assist small companies, however many say the principles are too strict. Reduction for enterprise homeowners who took benefit of the federal Paycheck Safety Program may be coming subsequent week after the Home of Representatives almost unanimously handed a invoice to present extra flexibility.
“Oh my God, I mean, we needed to have operating money,” stated Gail Lindley who runs the Denver Bookbinding Firm. “we’ve got good staff and nobody else knows how to do what we do. It’s important to take care of the people that take care of you.”
Lindley says DBC utilized and shortly obtained PPP cash, however quickly realized adhering to the principles so the loan will be forgiven was going to be troublesome. Notably utilizing 75% of the cash on payroll inside eight weeks.
The Home invoice extends the time the PPP cash can be utilized and when it must be paid again.
“I’m just really grateful that finally somebody is applying some common sense to it. Because you have some industries that aren’t even open yet. You want to respect the funds that you got and use it to the best of your ability and make it last as long as you can,” Lindley stated.
Eating places have been notably laborious hit by the PPP strict guidelines as a result of they haven’t been capable of rent again sufficient workers and even open to sufficient enterprise the place this system will be helpful.
Each member of Colorado’s congressional delegation voted to approve the measure. It strikes on to the home the place it can doubtless be taken up subsequent week.
Lindley is hoping to maintain the DBC in her household for at the very least another era, however she says the corporate wouldn’t attain its 92nd birthday this summer time if it wasn’t for the loan program.
“We haven’t used all the money yet. With this change, that’s going to help a lot. It’ll make our ability to budget a lot more fluid because then we’re out thinking we need to use ‘X’ amount of dollars in two weeks,” she stated.