All over the United States, small business is suffering and unemployment is rising. To respond, Congress created a $350 billion fund to keep workers on payrolls amidst a pandemic they couldn’t anticipate. President Donald Trump signed the law on March 27.
But entrepreneurs who have closed up shop or lost revenue because of the fight against coronavirus, from dentists and restauranteurs to wine importers and pet groomers, still don’t know when they’ll get these rescue funds.
“My own guess is that the start-up of these loans is going to be slow, but for us, the sooner the better,” says Greg Hunnicut, a contractor in Houston, Texas, who has paused work for his five employees, as well as various subcontractors. His customers have been understanding thus far, but he has several houses in various stages of demolition waiting to be built back up. “I don’t know how long everyone will be patient.”
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Tim Fernholz
All over the United States, small business is suffering and unemployment is rising. To respond, Congress created a $350 billion fund to keep workers on payrolls amidst a pandemic they couldn’t anticipate. President Donald Trump signed the law on March 27.
But entrepreneurs who have closed up shop or lost revenue because of the fight against coronavirus, from dentists and restauranteurs to wine importers and pet groomers, still don’t know when they’ll get these rescue funds.
“My own guess is that the start-up of these loans is going to be slow, but for us, the sooner the better,” says Greg Hunnicut, a contractor in Houston, Texas, who has paused work for his five employees, as well as various subcontractors. His customers have been understanding thus far, but he has several houses in various stages of demolition waiting to be built back up. “I don’t know how long everyone will be patient.”
Read the rest of this story on qz.com. Become a member to get unlimited access to Quartz’s journalism.
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