Bay Area Business Owners React to Small Business Loan Money Running Out

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Thursday was a day of anger and frustration for many Bay Area small business owners who have all applied for some of the $349 billion the government set aside to help them.

They’ve been told the government money has already run out and they aren’t sure if they’re going to get any of it. 

If you’ve traveled through the Bay Area you’ve probably seen signs made by Priority Architectural Graphics, a 30-person company now struggling to stay alive.

“We’re just waiting,” said owner Juliana Choy Sommer. “It’s incredibly nerve wracking.”

Sommer is doing what she can to keep her employees paid but just found out the $349 billion stimulus fund called the Paycheck Protection Program is already out of money.

"I think that every small business owner that hasn't been funded or hasn't received word that they're going to be funded when they received the news this morning, it was absolutely devastating, myself included,” said Sommer.

But officials say not all is lost.

"I would say hang on as hard as you can," said Amelisa Linde, small business policy manager.

The small business wing of the San Francisco Chamber of Commerce recommends trying these three things: the Small Business Association giving out loans, local government programs both on the city and county level and tech companies who are giving grants to small businesses.

“We're all in this situation at the same time, and all learning together, so talk to your landlords, talk to people with whom you have accounts payable, talk to your employees and figure out what you can do to work together because nobody wants to see a business close their doors,” said Linde. 

There are currently other federal government proposals on the table when it comes to small business loans but they’re held up by political fighting.

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