The $349 billion stimulus program intended to help small businesses survive the coronavirus shutdowns will be open to franchisees and other large employers, raising concerns that mom-and-pop businesses could get squeezed out.
IOWA CITY, Iowa — As the federal government prepares to launch a $349 billion loan program meant to help small businesses survive the coronavirus pandemic, critics have growing concerns that some mom-and-pop shops might get squeezed out.signed into law last week — was billed as a way to help local businesses that often form the fabric of communities retain workers and pay bills.
“I’m certain that’s what’s going to happen,” said Lauren Friel, the owner of a wine bar in Somerville, Massachusetts, that has been closed for three weeks. “It makes me really angry. It’s outrageous. They are going to walk away with their pockets full of cash.” “It’s hard for me to say this: There is only $350 billion in this fund. Every big restaurant and hotel chain is going to be going after this money. It’s not going to last,” said Ron Feldman, chief development officer at ApplePie Capital, which has been helping businesses get ready to apply.
The law says the maximum loan will be $10 million. But lobbyists representing chains are asking that the cap apply to each location — rather than each owner. “It is my 100% total focus just to survive and keep the infrastructure in place, so there is a home for our employees to come back to,” Flynn said. “With , we can do it. Without it, I don’t think we can.”
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