What can small businesses do to survive COVID-19?

Ghostlight Coffee is scheduled to open its second location to the public Thursday, Nov. 14. The business will sell coffee, baked goods and an assortment of breakfast and lunch items, including an impossible meatloaf sandwich, Yemeni toast and  Keener Farm sage sausage sandwiches.  The grand opening of the second Ghostlight location will mark the eighth anniversary of the opening of the first.  Shane Anderson opened Ghostlight Coffee in Dayton’s South Park neighborhood Nov. 14, 2011.  The original location remains open. The new location is at 800 S Patterson Boulevard next to Old Scratch Pizza and across from Grismer Tire.
Ghostlight Coffee is scheduled to open its second location to the public Thursday, Nov. 14. The business will sell coffee, baked goods and an assortment of breakfast and lunch items, including an impossible meatloaf sandwich, Yemeni toast and Keener Farm sage sausage sandwiches. The grand opening of the second Ghostlight location will mark the eighth anniversary of the opening of the first. Shane Anderson opened Ghostlight Coffee in Dayton’s South Park neighborhood Nov. 14, 2011. The original location remains open. The new location is at 800 S Patterson Boulevard next to Old Scratch Pizza and across from Grismer Tire.

Credit: Amelia Robinson

Credit: Amelia Robinson

SBA forgivable loan encourages businesses to keep workers on payroll

If you’re a small business struggling to keep employees on your payroll, you have options.

Small businesses struggling to get to the other side of the COVID-19 pandemic should consider applying for a Paycheck Protection Program loan.

The Paycheck Protection Program is a federal program. It's basically a forgivable loan designed to provide an incentive for small businesses to keep their workers on their payrolls.

You can start applying at nearly any Small Business Administration lender or federally-backed lender today, and those lenders can start processing applications as soon as Friday.

The idea is simple: The U.S. Small Business Administration (SBA) will forgive loans if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities.

ExploreCOMPLETE CORONAVIRUS COVERAGE 

Businesses can apply now, and the program will be available through June 30, 2020.

This program is specifically designed for any small business with fewer than 500 employees. That includes sole proprietorships, independent contractors and self-employed people, as well as private non-profit organizations or 501(c)(19) veterans organizations affected by coronavirus, the virus that causes COVID-19.

RELATEDGreat Wolf Lodge to lay off more than 500 workers in Mason

Restaurants, bars and pubs have been hit especially hard by the pandemic and government-imposed bans on on-site dining.

But the SBA says small businesses in the hospitality and food industry with more than one location could also be eligible at the individual store and location level if the store employs less than 500 workers.

"This means each store location could be eligible," the SBA says in an explanation of the program. (That explanation can be found at this link.)

Businesses can apply at a variety of lenders — at any existing SBA 7(a) lender or through any federally insured depository institution, federally insured credit union and Farm Credit System institution that is participating.

Other regulated lenders will be available to make these loans once they are approved and enrolled in the program, the SBA said.

Lenders may begin processing loan applications as soon as April 3, 2020.

There is more information about the program at sba.gov.

In Other News