Small Businesses Say Rescue Loans Come With Too Many Strings Attached
Business owners lucky enough to get the federal rescue funds are wrestling with paying their employees, even when their doors are closed.
Christian Piatt finally got a loan to help rescue his brand new bar and restaurant in Granbury, Texas.
But it wasn't easy.
He applied through the federal Paycheck Protection Program that's meant to help small businesses threatened by the pandemic. One bank told him it couldn't lend through the program. Another told him he might have better luck elsewhere. The third approved his loan and he got the money.
Now he's wondering: How should he use his $34,000 loan?
"I understand in principle it's encouraging us to get people back to work," said Piatt, the co-owner of Brew Drinkery,
