Loans – Wilkes-Barre extends cost deadline for emergency reduction loans
WILKES-(BA)RRE — Dan Carey can have one much less invoice to pay this 12 months.
Carey was one of many small enterprise house owners in Wilkes-Barre notified this week the deadline to repay emergency loans supplied by town was prolonged to May 2022.
“It’s a blessing,” Carey Friday stated.
Mayor George Brown despatched out letters Wednesday notifying the loan recipients of the extension and thanked them for his or her dedication to town.
“My administration and I are committed to Wilkes-Barre businesses and understand the continued challenges you are facing during this trying time,” Brown wrote within the letter.
Final spring the restrictions imposed to mitigate the unfold of the novel coronavirus tightened their grip on the economic system, forcing closings, layoffs and cutbacks. Carey’s Avenue Barber Store felt the squeeze and shut its doorways.
Town tapped right into a dormant account with roughly $373,000 in funds after receiving permission from the Pennsylvania Division of Neighborhood and Financial Growth to redirect the cash to pandemic reduction.
This system was designed to get domestically owned, non-franchised companies and eating places again on their ft. As they proceed to wrestle, they gained’t have to fret about repaying the loan in full in just a few months.
Carey didn’t hesitate when given the chance in May 2020 to take out a $3,000 loan for 12 months interest-free and utilized for a test issued by way of town’s Emergency Aid loan Program.
“That actually helped me to the point where they said, ‘Now you can open,’ ” Carey stated.
When Carey was allowed to reopen, it wasn’t enterprise as normal, nevertheless. He couldn’t see as many shoppers and needed to take additional steps to disinfect his store.
“We’re all cut back and only do 50% of what we did before,” Carey stated. “Our expenses are up, but our income is down.”
With vaccinations for COVID-19 underway and the federal authorities ramping up reduction efforts Carey expressed some optimism of issues altering for the higher.
With out the loan, Carey stated he wouldn’t have gotten this far, including, “it’s just good to see” town is continuous to look out for companies.