Small business owners who saw the Paycheck Protection Program as their last chance to survive have been given a second lifeline. Tuesday, the Senate passed another multi-billion dollar package, sparking a glimmer of hope across the country for people like a local McKinney pub owner hanging on by a thread.
For Stan Penn, owning The Celt pub is what he’s always wanted. So much that he walked away from 30 years of corporate life to pursue it. He’s not ready to accept the thought of losing it.
“It’s def been my lifelong dream,” said Penn. “We’re at the point now where we’re fighting for what we’ve got left. And we’re going to go down with a fight.”
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It’s been quite the fight already. When news broke of the Paycheck Protection Program, Penn saw a silver lining, and immediately jumped online to apply. But the money dried up fast, he got a call from his bank on the same day the funds ran out. He would not get what he’d requested.
“We were promised things and now the government and banks just aren’t delivering,” he said.
Tuesday, the Senate passed another $484 billion package; some of which is for small businesses.
Penn sees it as a second chance.
“We’ve got 4 PPP loan application in because at this point everybody’s like the more loan apps you have int the better your chances are,” he said.
As funds are approved at the federal level, McKinney City leaders work to do the same. Mayor George Fuller said he’s requested $1 million from the city Community Development Corporation to be used as grant money poured right back into local businesses.
“How can we proactively provide further assistance, economic assistance to these small businesses?” Fuller presented to council members.
The mayor said by the time this is over, he expects the city to secure several million dollars in funding. Still, the need might far outweigh the source.
Penn said it’s not only about living his dream, it’s about preserving a sense of community
“We’re doing this because we love what we do,” he said. “This is our passion. we love serving our community. We’re good corporate citizens.”
Fuller said approval for the grant money is expected to be taken up in a vote on Thursday.