A second round of Paycheck Protection Program loans, which help businesses pay their employees, will soon be here,
Some Tulsa restaurants believe the loan program is a win for small businesses everywhere. Nancy Bruce, the owner of Lambrusco'z Deli, said the first round of the Paycheck Protection Program kept her restaurant operating smoothly during the pandemic.
"The PPP loans gave us money in the bank to know we can make payroll,” Bruce said.
The second round of PPP loans is available for those that previously received a PPP loan. PPP loans are limited to businesses that employ no more than 300 employees and had gross receipts that were at least 25 percent less than the gross receipts in 2019
"I think people are just closing down shop, afraid of what the future holds,” Sylvester said
However, that isn’t the case for Sean Sylvester, as he plans to open another restaurant downtown next month. Sylvester owns about ten restaurants. He said he has about 120 employees and took advantage of the first round of PPP loans.
"We were able to actually employ enough people to run the shifts,” Sylvester said.
The second week of January is when businesses should be able to apply for the Paycheck Protection Program.