MADISON, Wis.– Starting today, companies with more than 20 employees will be shut out of the Paycheck Protection Program application period for two weeks, providing a pathway for the smallest of the small to succeed.
The move is intended to give lower-income, minority-owned businesses a chance, as round three of the program begins.
News 3 Now talked to several Madison-area business owners who already qualified for loans to hear how lifesaving they can be.
Joshua Berkson, co-founder of Merchant and Lucille, secured his PPP loan during round one of the program.
“I’m extremely lucky,” Berkson told News 3. “If you don’t have a ‘Streatery’ and you’re capped at 25% occupancy, you basically have to take a leap of faith.”
Berkson said the duality of 1. selling pizza, and 2. being able to serve in the street outside of his restaurants for much of last year, helped his restaurants survive. That, in addition to the PPP loan he received last April.
“You have to be committed to basically open up again when the market isn’t necessarily there for you to do it,” he said.
Berkson’s been able to keep more than 100 people employed.
Across town, Kim Schwoerer owns Fitchburg’s Oasis Cafe. She and her husband didn’t qualify for the first round of PPP.
“We put our whole life into this business,” Schwoerer told News 3. “My employees are like family, too. If I can’t pay them, they can’t live.”
Schwoerer eventually secured her loan in January during round two of PPP loan distribution.
“If I, as a small business owner, can help make that burden less, let people have jobs, and give them some sort of normalcy, that’s awesome,” she explained.
Now, with round three beginning Feb. 24, both Berkson and Schwoerer are happy the smallest of the small will have a chance to survive.
“I really respect everyone taking these dollars and taking that leap know there’s a huge appetite for people to go out and spend money and get back to the brands we love,” said Berkson.
Click here for more information on round three of the Paycheck Protection Program.
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