When will the money arrive?
That’s the urgent question for small business owners who have been devastated by the coronavirus outbreak. They’re awaiting help from the $2 trillion rescue package signed into law Friday. But with bills fast coming due, no end to business closings and an economy that’s all but shut down, owners are worried about survival.
Millions of owners face April 1 due dates for rent, mortgage, credit card and other payments. Some have been granted leniency from landlords and lenders. But even then, there are other business and personal bills that are owed. And employees — at least those who haven’t been laid off — must be paid.
“How quick can we get these funds?” says Adam Rammel, co-owner of Brewfontaine, a bar and restaurant in Bellefontaine, Ohio, that’s now limited to takeout and delivery service. His revenue is down 60%. Yet he has eight staffers, down from his usual 25, whom he must pay.