Businesses in need of a boost
Shopping areas typically packed with spring breakers this time of year – now stark as evidenced by near barren parking lots but there is a ray of hope as it appears congress will likely take the final steps in passing a $2.2 trillion dollar stimulus relief package into law come Friday, which would, in part, extend and expand unemployment benefits for those now out of work-among other things.
Adele Lyons, President & CEO of Mississippi Gulf Coast Chamber of Commerce: “It looks like they can get $600 over and above what they can get from the state on a weekly basis. That’s a good thing. There are some tax credits for payroll taxes, those who retain their employees.”
Also under the plan, single taxpayers would receive $1,200 dollars, and married couples $2,400 within several weeks after the stimulus package is approved.
It would also open the door to further help struggling small businesses.
Adele Lyons, President & CEO of Mississippi Gulf Coast Chamber of Commerce: ” One of the things I think people need to note that the SBA loans that have been open and available for a short period of time here. Those loans are still available. Those loans are up to $2 million and you work directly with the SBA on those. What my understanding of what’s in the stimulus package is SBA is now opening up their 7A program which is where you borrow the money from a local lender. This is where you’ll be working with your local bank to put together a loan package for similar things, salaries, payroll.”
Toni Miles, News 25: ” From Biloxi to Bay St. Louis and beyond, everyone is feeling the effects of the coronavirus threat. City and local business leaders say the stimulus legislation is a step in the right direction and can’t come soon enough.”
Biloxi Mayor Andrew “Fofo” Gilich: ” For the city, and the businesses and the major businesses, the folks that are out of work, 12,000 in the casino industry, it’s going to be a big positive.”
Adele Lyons, President & CEO of Mississippi Gulf Coast Chamber of Commerce: ” It’s absolutely going to help some small businesses operate. The challenge is going to be timing. People having to fill out loan packages, get them in, get them approved. Those can only move so fast. I still think it’s going to be several weeks, maybe longer, before money actually hitting the ground to get help for these local businesses.”