Hoboken business owners cautiously optimistic about new COVID-19 relief package

Some Hoboken small business owners say that they are cautiously optimistic about nearly half-trillion-dollar COVID-19 relief package making its way through Congress.

News 12 Staff

Apr 22, 2020, 2:14 AM

Updated 1,551 days ago

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Some Hoboken small business owners say that they are cautiously optimistic about nearly half-trillion-dollar COVID-19 relief package making its way through Congress.
The U.S. Senate passed the $480 billion package on Tuesday. It authorizes $310 billion for the Small Business Administration’s Paycheck Protection Program. Many small businesses were left without funds when the first round of loans quickly ran out.
“The day I was allowed to do it, I had everything uploaded within 20 minutes,” says Elysian Café owner Travis Young.
But despite everything going right the first time the PPP became available, Young says that, like so many other small business owners, he did not receive a loan or any answers as to why.
“This was a loan that was presented as it was going to help almost everybody who applied for it. And I haven’t heard anyone who has gotten it,” Young says.
Young says that when restaurants in New Jersey went to takeout only, revenue dropped by 80%. He says that after a few weeks, he shut Elysian completely.
Photos: Countries Around the World Cope with COVID-19 Outbreak
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Young, who is also a chef, says that getting approved for a second round of loans could help him reopen the restaurant and hire back his staff.
“It’s huge. And we’re praying we get in this second wave of funding. We haven’t heard anything. I hope to hear something in the next day or two and I’m trying to stay positive,” he says.
The SBA says that $33 million came to New Jersey during the first round of loans.
The House is expected to vote on the relief bill later this week. President Donald Trump is expected to sign it.


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