Federal authorities are rushing financial help to struggling Nevada small businesses to pay their employees, rent, utilities and other expenses amid the COVID-19 shutdown.
The arrangement is called the "Paycheck Protection Program," or simply PPP for short.
HIT HARD BY THE COVID-19SHUTDOWN...JUST HOURS AGO THE FEDERALGOVERNMENT PROVIDED DETAILS ONSOMETHING CALLED..THE "PAYCHECK PROTECTIONPROGRAM""13 INVESTIGATES" REPORTER JOEBARTELS IS LIVE NEAR RAINBOWAND OAKEY..
WITH THE DETAILS..JOE..THIS PROGRAM BEGINSTOMORROW....WE ARE TOLD..SMALL BUSINESS LIKE THISSALON..WILL BE ABLE TO BEGIN APPLYINGFOR LOANS..WHICH WILL BE FORGIVEN..IF CERTAIN..CRITERIA ARE MET..BUT BOTTOMLINE..BUSINESSES HAVE TO KEEPEMPLOYEES ON THE BOOKS..AND RECEIVING PAY.IT'S WAS DREAM COME TRUE..AND REAL LABOR OF LOVE...AT CAVARICCI'S SALON...BUT FOR JEFF CAVARICCI...AND HIS GIRLFRIEND..KAREN MORENO..THEY'VE HAD TO CUT BUSINESS..SHORT.KAREN MORENO/HAIR STYLIST17:26:22 "AS A HAIRSTYLIST IT'STHE HARDEST THING TO DO BECAUSEWE INTERACT WITH PEOPLE EVERYDAY WE KNOW THEIR STORIES WEKNOW THEIR WHOLE LIVES." 14 EMPLOYEES..WHO ARECONSIDERED...INDEPENDENT CONTRACTORS..HAVETHEIR LIVELIHOODS..ON HOLD..UNTIL THE SALON REOPENS..WHEN THAT HAPPENS IS ANYONESGUESS..SOT: JEFF CAVARICCI CAVARICCISALON SINCE 2005 17:26:04 "IT'STHE FEDERAL GOVERNMENT...REVEALED NEW DETAILS ABOUT AP-P-P FOR SHORT IT'S AIMEDAT SAVING..30 MILLION SMALL BUSINESSESACROSS THE U-S..WHICH COLLECTIVELY EMPLOY ANDPAY..HALF OF AMERICA'S WORK FORCE.SOT: PRESIDENT DONALDTRUMP/UNITED STATES 24:10"NEARLY $350 BILLION IN LOANSWILL BE AVAILABLE TO SMALLBUSINESSES INCLUDING SOLEPROPRIETORS THESE LOANS ARE UPGRAPHIC HERE'S HOW THEPRESIDENT AND HIS ADVISORS..DESCRIBED THE PROGRAM.FIRST SMALL BUSINESSES WILLAPPLY THROUGH THEIR FINANCIALINSTITUTION...THE MONEY WILL GO LARGELY TOPAY EMPLOYEE SALARIES..BUSINESS WILL ALSO BE ABLE TOPAY FOR THEIR OVERHEAD..SUCH AS RENT..UTILITIES..AND OTHER LIMITED EXPENSES.SOT: TREASURY SECRETARY STEVEMNUCHIN/UNITED STATES 44:13"THESE LOANS TURN INTO GRANTSSO IF YOU'RE A BUSINESS OWNERAND YOUR RESTAURANT YOU CANHIRE YOUR PEOPLE BACK YOU GETMONEY FOR THEIR MEDICAL YOUKEEP THEM ON THEIR MEDICALPLANS YOU GET MONEY FOR YOURRENT, MONEY FOR ELECTRICITY SOYOU'RE MOTIVATED WE WANT YOU TOHAVE A BUSINESS THAT YOU CANREOPEN QUICKLY WHEN IT'SAPPROPRIATE." BUT THERE'S QUESTIONSABOUT..HOW..HAIR STYLISTS..BARTENDERS..EVEN RIDE SHARE DRIVERS..FOR EXAMPLE..CAN TAKE ADVANTAGE..WHEN THEY DON'T HAVE A TYPICALPAYROLL STRUCTURE.FEDERAL AUTHORITIES SAY..HOLD TIGHT...THERE'S HELP ONTHE WAY SOT: 46:39 "IF YOU AREAN INDEPENDENT CONTRACTOR IFYOU ARE A SOLE PROPRIETOR YOUARE ELIGIBLE FOR THIS AS WELL.THAT PROGRAM WON'T BE UP ANDRUNNING UNTIL NEXT WEEK BUTAGAIN THIS IS A VERY BROADDEFINITION OF SMALL BUSINESS." FOR SMALL BUSINESSES...LIKE CAVARICCI SALON...THE HELP WILL DEPEND ONTHE FINEPRINT.KAREN MORENO/CAVARICCI SALON17:27:52 "EVEN OUR OWN CPA HE'SREACHED OUT TO US HEY KARANTHIS WAS JUST RELEASED LOOKINTO THIS SO IT'S KIND A LIKEWE'RE GOING FISHING." FEDERALAUTHORITIES SAY THEY'VE HAVETHE MOST UP-TO-DATEINFORMATION..ON THE SMALL BUSINESSAPRIL RENT IS DUE..FOR BUSINESS..ANDSHOPS..AND LANDLORDS..FEDERAL AUTHORITES SAY IT WILLBE A MATTER OF DAYS..IF NOT WEEKS..BEFORE THE CASH..IS IN THE HANDS OF SMALLBUSINESSES..TO MAKE THEIRBILLS..AND WE ARE TOLD THE GOVERNMENTSTIMULUS CHECKS FOR THOSE WHOQUALIFY..SHOULD BE HITTING BANK ACCOUNTSWITHIN TWO WEEKS.REPORTING LIVE JOE BARTELS 13ACTION NEWS.CAESARS ENTERTAINMENT EXPECTS
Employees see relief through small business loans
The aid will help pay for the majority of Allegiant's 4,500 workers through September.
