East Lakeview Printing Plant Owner Worries About Paying Staff On Closure As Paycheck Protection Program Crashes – CBS Chicago

CHICAGO (CBS) – They are not workers, they are family â ???? that’s what small business owner Phil Burkhalter makes clear.

As CBS 2’s Brad Edwards reported on Thursday night, that’s a big reason why Burkhalter and other business owners applied for the Paycheck Protection Program. so that this family can continue to work so that they can feed their own family.

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And then came the news Thursday that the government program is broken – ???? tapped.

“It is essential to keep employees paid and on the books” ,? Burkhalter said when asked if the payment was life or death.

Burkhalter’s American Signs by Tomorrow printing house at 2834 N. Halsted St. is silent. It has been in operation since 1994.

And now, Burkhalter is the portrait of a small business owner on closing. Like many, he asked for the government’s paycheck protection program to help, and possibly save, his working family.

“I submitted my candidacy. I got a reference number to say the application was filed, and then I waited, like you were supposed to, ”? he said. “I waited a week and then I started to get nervous. “

So Burkhalter picked up the phone and started calling the bank. It was then that his frustrations grew.

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â ?? They have the reference number, â ?? Burkhalter said.

He didn’t stop there.

“,? Burkhalter said.

He did everything right. But within a week, the $ 350 billion small business loan program is down.

To???? If I don’t get the money, I will try as long as possible to pay my employees with my savings â € “ personal savings Burkh We’re going to put, maybe have to get unemployed too, you know, go unemployed â ???? but i do my best to keep as many jobs as possible.

Treasury Secretary Steven Mnuchin said he had asked lawmakers an additional $ 250 billion for the program.

It is not clear if and when this would happen.

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The Paycheck Protection Program helps businesses with fewer than 500 employees by lending money at low interest rates. Loans are canceled if employees are kept on the payroll for at least eight weeks.

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