More than 5 million businesses have taken advantage of federal P3 loans to keep their doors open
Greenfield Restaurant and Bar in Lancaster County is just one of 5 million businesses across the country that have relied on a Federal Paycheck Protection Program (P3) loan to keep the doors open.
But the owner warns businesses will need more help from local, state and federal authorities.
“It was all forced on us. It wasn’t our fault because I had done bad food or bad service. It was because of the pandemic,” said John Moeller, chief of staff. Greenfield Restaurant and Bar, who added “if I didn’t have the PPP loan, we wouldn’t be open right now.”
The federal paycheck protection program was designed to directly encourage small businesses to keep workers on the payroll with a promise to cancel loans as long as homeowners followed specific guidelines.
Download a detailed list of companies that have taken out PPP loans totaling over $ 150,000, including more than 26,000 companies in Pennsylvania here.
Read unlisted companies in Pennsylvania that received loans under $ 150,000 here.
Read the details of the amount of money and loans granted to businesses under the PPP program here.
The federal P3 program issued 5,212,128 loans totaling $ 525,012,201,124. The PPP program ended on August 8. Homeowners who meet certain criteria will have the loans canceled.
Click here to learn more about canceling PPP loans.
Moeller said PPP had helped him get his staff back to work after the Greenfield restaurant and bar closed in March and was forced to lay off all of its employees.
“I thought when the first two weeks (of the shutdown) came, I thought ‘oh my god’. Two weeks seemed like an eternity, ”said Moeller, who added“ I didn’t even know how to survive this to be honest with you. ”
The doors of the Moeller restaurant reopened in June. Thanks to the PPP loan, Moeller has now been able to bring back nearly 80% of its staff.
“Why don’t we give us money to pay the employees to work instead of staying home and getting unemployed? They’re going to have to pay money anyway,” Moeller said, who praised the program and suggested that the PPP program be extended. .
The Greenfield Restaurant and Bar hosts a catering business and private events in addition to its normal restaurant and bar sales. Moeller noted that during the shutdown many of these events were canceled. The restaurant is now lined with social distancing markers and plexiglass in accordance with safety and health guidelines.
Governor Wolf announced that restaurants could return to 50% of their indoor capacity later this month. The announcement came after many restaurateurs called on the state to make the switch before winter conditions hit. Currently, the guidelines require restaurants to stay at 25% of their indoor capacity.