Quote:
Originally Posted by retiredguy123
Yes, she got a $10,000 loan, but all but one of her employees, who are young, quit. And, most of her customers have cancelled their regular accounts. She has had a successful fitness business for 15 years, but her rent is about $5,500 per month. So, I think it will be very hard to maintain the business. I don't see how the stimulus bill comes close to making her whole.
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I agree, I don't see this making her anywhere near whole. But she does have 6 months before she has to start paying back the loan. Hopefully things will start picking back up in a couple of months and then and she can recover. If they don't my guess is that the forgiveness period will be extended.
I had a friend who had a fitness center in upstate New York. It's a hard business to keep going.
But I think the main purpose of these loans was to give businesses a way to retain employees and to insure that employees got a paycheck even if the business had no customers.