Huge restaurant and hotel chains can get coronavirus stimulus loans intended for small businesses
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The big source of coronavirus-related government help for businesses with 500 or fewer employees is a $350 billion loan program. But somehow big restaurant and hotel chains got themselves included in the program, leaving small businesses worried they’ll beHuge restaurant and hotel chains can get coronavirus stimulus loans intended for small businesses
The big source of coronavirus-related government help for businesses with 500 or fewer employees is a $350 billion loan program. But somehow big restaurant and hotel chains got themselves included in the program, leaving small businesses worried they’ll be edged out. Franchise owners will also be eligible for the small business loan program, no matter how big the company they’re franchisees of—and no matter how many franchises they own. For instance, the owner of 68 Massage Envy franchises, who employs 2,000 people, can apply for loans just like the owner of two breakfast spots in Chicago. “This stuff is meant for me, the little person,” says the breakfast restaurant owner. “We’re a collection of small businesses,” says the guy who owns 68 of the same massage business. Read more