Paycheck Protection Program opening to small lenders Friday, local restaurant applies

Local

ELMIRA, N.Y. (WETM) – The First and Second Draw Paycheck Protection Program is opening Friday for businesses with less than $1 billion in assets.

The Owner of Turtle Leaf Cafe, Adam Bunce, said he’s applying for the Second Draw PPP loan for his restaurant.

Qualifications include:

  • Having no more than 300 employees
  • Receiving a First Draw PPP Loan previously and will or has used the full amount for permitted uses
  • Can demonstrate a 25% reduction in gross receipts in comparable quarters in 2019 and 2020

To find an application for the Second Draw Paycheck Protection Program click here.

Bunce said although he doesn’t have exact numbers, the orange zone restrictions put a dent in his business.

“The last 12 weeks in the orange zone, were hands down our worst three months of the year, outside of obviously the ones that we were operating at all,” said Bunce. “So I know that I probably shouldn’t be pulling these numbers and look at them I haven’t done that, probably because it’s gonna be super depressing to look at.”

He said this PPP loan will primarily be used to pay his employees. Bunce said his employees come first, saying that last year, he would make sure his employees would be paid even if he couldn’t at times.

Crystal Lanes bowling alley will be hosting a fundraiser for Turtle Leaf Cafe this Saturday with varying times.

For more information regarding the program click here.

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