Local restaurant hasn’t lost enough business to be forgiven for a loan


TONAVANDA, New York (WKBW) – Vince Karem, Army Veteran, and His Restaurant Greek for me fought the pandemic by making sure every employee was paid regardless of sales declines.

“We kept everyone busy by taking everything out of our pockets,” said Karem.

Karem did a lot with his own funds and within the first round of PPP loans. These loans have been fully forgiven. To make sure he could pay his employees the same way again, in addition to the money needed, he applied for another PPP loan. Loan forgiveness is unlikely this time. Cause? He lost 24% of his fiscal year over the year, not 25%.

“Basically, if you have 24%, you don’t fight as hard as people with 25% (according to the loan),” said Karem.

Greek To Me lost 24% of its fiscal year compared to last year, they would have to lose 25% to forgive the loan. That 1% difference, Karemu said, is non-negotiable.

“I was told that this is congressional law, so there is no leeway here,” said Karem.

Karem hopes to get some leeway to keep companies like him from shutting down for losing 1% less business than they would like.

Source link