Payment Protection Plan extended hours before deadline, small businesses weigh in

The Payment Protection Plan that was set to end Tuesday night after being available for nearly 3 months has been extended to Aug. 8.

Posted: Jun 30, 2020 7:17 PM
Updated: Jul 1, 2020 11:27 AM

CHICO, Calif. -- The Payment Protection Plan that was set to end Tuesday night after being available for nearly 3 months has been extended to Aug. 8.

"I’m thankful the government is trying to do something but I believe we’re going to need more,” said Enzo Perri, owner of Celestino’s New York Pizza

His business received $84,000 from the Payment Protection Plan, but he doesn’t believe it’s enough for local businesses. Perri says Celestino’s saw a 50% decrease in sales, but is unsure if he wants to apply for another loan.

“There’s an uncertainty whether it’s going to be forgiven,” said Perri. “There’s some tax implications from what I understand maybe $20,000 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 Danielle Ius says she also needs more money, but is worried about loan forgiveness.

“When I applied for this loan the terms were ridiculous. 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,” said Ius.

Ius says her payroll was three times less before COVID-19 even hit. She says her sales dipped below 60% 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 to see if anything like that has changed but I think basically once you go through the process you can’t go back and ask for more, is what they relayed to me,” said Ius.

Both businesses used the loan for payroll, utilities, and rent. As of now, there are still $130 billion of unused loans from PPP.

To sign up for the PPP, click HERE.

Editors Note: This article was written hours before the U.S. Senate made an announcement, right before the expiration of the small business loan PPP, that an extension was passed to extend the program to Aug. 8. Click here to read more on the extension.

California Coronavirus Cases

Data is updated nightly.

Cases: 3543340

Reported Deaths: 49888
CountyCasesDeaths
Los Angeles118349620069
Riverside2885413695
San Bernardino2850812651
Orange2598573848
San Diego2578053218
Santa Clara1095061747
Kern102137786
Fresno945841397
Sacramento926211446
Alameda797961200
Ventura76947805
San Joaquin662901042
Contra Costa61865653
Stanislaus55487937
Tulare47680731
Monterey42016323
San Mateo38552502
San Francisco33947394
Santa Barbara31630398
Solano29882161
Merced28749393
Sonoma27845295
Imperial26840587
Kings21916218
Placer19661231
San Luis Obispo19500221
Madera15325201
Santa Cruz14516174
Marin13083197
Yolo12689185
Shasta10950172
Butte10855158
El Dorado906995
Napa895068
Sutter881896
San Benito572358
Yuba571936
Lassen559419
Tehama506852
Tuolumne392959
Nevada390974
Mendocino379043
Amador343840
Humboldt313633
Lake310740
Glenn220723
Colusa212513
Calaveras190225
Siskiyou172013
Inyo127835
Mono12084
Del Norte9765
Plumas6516
Modoc4504
Mariposa3937
Trinity3525
Sierra990
Alpine800
Unassigned00
Chico
Clear
46° wxIcon
Hi: 64° Lo: 39°
Feels Like: 44°
Oroville
Clear
51° wxIcon
Hi: 65° Lo: 49°
Feels Like: 51°
Chico
Clear
46° wxIcon
Hi: 57° Lo: 44°
Feels Like: 44°
Red Bluff
Clear
52° wxIcon
Hi: 38° Lo: 16°
Feels Like: 52°
Red Bluff
Clear
52° wxIcon
Hi: 59° Lo: 46°
Feels Like: 52°
Chico
Clear
46° wxIcon
Hi: 64° Lo: 48°
Feels Like: 44°
Strong wind continues to blow through the valley this afternoon, and will last through the evening. Thursday will still be a fairly breezy day, but the wind won't be as strong and our temperatures will be warmer. More wind is coming Friday and Saturday.
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