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Valley eyewear store owner talks impact of COVID-19 on his 40-year businesses
Arizona has already approved nearly 11,000 Paycheck Protection Program (PPP) loans totaling more than $3.5 billion. But approval is one thing, actually seeing the cash in your bank account is another.
PHOENIX - Arizona has already approved nearly 11,000 Paycheck Protection Program (PPP) loans totaling more than $3.5 billion.
But approval is one thing, actually seeing the cash in your bank account is another.
Ray Glasses in central Phoenix has seen better days. After 40 years in business, the toll the virus has taken on his business brings tears to owner's eyes.
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“Last week, $85. And I was so glad to get it. It’s better than nothing," said Ray McLain of owner Ray Glasses.
McLain who learned about lenses in the army has filled out the PPP federal forms to obtain a loan, but hasn’t seen a dime yet.
“I’m coming in for the 89-year-old lady who broke a screw in her glasses. She has nowhere else to go,“ McLain said.
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Across the country 1.3 million PPP loans have been approved, totaling $296 billion. But that’s puts the program on pace to reach the $349 billion limit in days, if not hours.
“We just need a little bit security right now," McLain said. In the meantime, he is focused on fixing glasses instead of selling them while waiting on help from Uncle Sam.
The Senate is still debating over another $250 billion program for small businesses.
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