SALT LAKE CITY (ABC4 News) – Federal help maybe on the way for small business owners. On Friday, owners were able to beginning accessing government loans and grants to help lessen the burden of the COVID-19 pandemic.
Yong Ham owns Milt’s Shoe Repair in Sandy. His business doors have been open for decades.
“I opened in 1986,” he said. Now, due to the pandemic he maybe forced to shut them.
Ham generally makes around $20,000 a year, but things have drastically changed in the past weeks.
“Some days I make nothing. Other day’s between $10 to $20.”
To help make up for the loss in sales, Ham’s applied for the federal government’s Paycheck Protection Program.
If approved, the PPP would provide federally-guaranteed loans to eligible small businesses up to $10 million for an eight week period that spans from February 15, 2020 to June 30, 2020.
Other options for small business owners include The Economic Injury Disaster Loan which helps to meet working capital needs caused by a natural disaster.
The Salt Lake Emergency Loan Program is for small businesses seeing a direct downturn due to COVID-19. The program is designed to help businesses keep their employees and stay afloat while bridging the gap of a shortened period of financial hardship.
With Ham’s application, he applied through his bank to see if he qualifies. He explains what’s next if he isn’t approved.
“Stay home, but the problem is my house, the payment, utilities, food and my son is in medical school. I help him. It’s very hard to do.”
For guidance on applying for COVID-19 small business and loan resources, visit the U.S. Small Business Administration’s website.