Small businesses in high-rent cities balk at PPP loans

Small business owners in high-rent cities like New York, Los Angeles and Chicago are finding the federal government’s $660 billion Paycheck Protection Program won’t pay the bills. Because just 25% of a loan award can go toward rent, mortgage interest and utility payments, some restaurant and shop owners in metro cities have decided not to apply, according to the Wall Street Journal. In order for the PPP loan to be forgiven, 75 percent of the

source https://therealdeal.com/2020/05/01/small-businesses-in-high-rent-cities-balk-at-ppp-loans/