Tuesday is the last day to apply for paycheck protection loan and recipients are concerned about forgiveness.
Running out for small businesses..
To take advantage of the payment protection plan..
It ends tonight after being available for nearly three months..
Action news nows reporter 'vanessa romo' spoke to local business owners to see if they plan to apply for another loan.
### they're thankful to say the least, but the deadline is not what they're worried about.
Its whether or not they will receive forgiveness& i'm thankful the government is trying to do something but i believe we're going to need more& owner of celestino's new york pizza in downtown chico enzo perry got 84 thousand dollars from the payment protection plan, but doesn't believe it's enough.
We're an established business, so i don't know how other places who haven't been in business that long and have the kind of following, how they're going to survive?
Perry says celestino's saw a 50 percent decrease in sales, but is unsure if he wants to apply for another loan& there's an uncertainty whether its going to be forgiven& there's some tax implications from what i understand maybe 20,000 dollars of tax i will have to pay even if its forgiven so it's not a huge benefit for me other than retaining some of my key employees&.
Owner of sin of cortez daniell ius says she also needs more money, but is worried about loan forgiveness& when i applied for this loan the terms were ridiculous.
And the money i was able to get i would never be able to spend it so being the cautious person i am i only took half the amount of money.
Ius says her payroll was three times less before covid-19 even hit.
She says her sales dipped below 60 percent& and is hoping to apply for the other half of her loan& i asked and they said no it wasn't an option& but i may call today hahahhah to see if anything like that has changed but i think basically once you go through the process you cant go back and ask for more& is what they relayed to me& both businesses used the loan for payroll, utilities and rent.
As of now--- there are still 130 billion dollars of unused loans from ppp.
In chico, vanessa romo action news now cycco.
To apply for a 'p- p-p' loan before tonight's deadline, visit our website..
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### the tehama
"Whenever someone starts telling me they know the future, I hear a warning buzzer in my head", says Farley
Jim Farley..