Paycheck Protection Program money has now been spent at many restaurants, leaving them in the same precarious position they were in during outbreak's early days.
Gerry Cea was forced to shut his Miami restaurant, Cafe Prima Pasta, from March into May when the outbreak first began. Now, he has again closed the dining room as local officials try to contain the virus; the Miami/Dade area is one of Florida's hit hardest by the virus.
In the meantime, Cea says,"the only reason we are pretty much surviving is because we own the building," he says. The program so far has given about $42 billion in loans to restaurants, bars and lodging companies. But many restaurants burned through loans quickly because the original terms of the program required them to use the money within eight weeks in order to get loan forgiveness. Many establishments couldn't reopen but paid staffers not to work anyway. Then when they reopened with revenue limited by social distancing, they couldn't afford their full payrolls.
Stephanie Williams still hasn't fully reopened two of her Bennu Coffee shops in Austin, Texas, and continues to operate with curbside service and delivery only; a third location that opened over the weekend does have socially distanced seating. Williams has spent the PPP money she got in early May – she had recalled furloughed workers but with revenue at one store down by half and the other by nearly two-thirds, Williams had to let 20 staffers go again.
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