Coronavirus: Vaccine Tracker

Here’s who will benefit from new PPP benefits

Bay Area

SAN FRANCISCO, Calif. (KRON) – With millions of Americans still out of work and people and businesses struggling to figure out how to cope with COVID restrictions, this relief bill could not come at a more significant time. 

All decked out ready to celebrate the holidays but businesses, like restaurants in San Francisco’s Marina District, are silent.  

“It’s very safe to say that tens of thousands of San Franciscans and hundreds of thousands of people in the Bay Area have been put out of work during this pandemic,” Jay Cheng, with the San Francisco Chamber of Commerce, said. “If this is a first step to a larger, more holistic plan for economic recovery and coming out of this pandemic, then this is a good first step, but this is still just a first step. It needs to be followed up with more support, more financial assistance.”

“Direct payments we know work, you know, it would be interesting to know how much, you know, Trump just recently posted a Tweet that wants to increase the direct payments for individuals to $2,000, and it’s current form is going to give $600 to individuals, and that would be a substantial increase if that was to actually get amended within this current bill,” Sam Gaeta said.

Sam Gaeta is a financial planner in the Bay Area. He says although the current bill is smaller in size, and it does have some targeted assistance for those out of work. 

“So if you’re an individual and you’re making under $75,000, you’ll qualify for the direct payment. If you’re married, filing joint, it’s going to be $150,000, making under $150,000, and then they’re using that number based on your 2019 tax return,” Gaeta said. “I think the one thing about this stimulus bill that’s interesting is it’s gotten a little bit more targeted with who they’re helping. You know, they are still providing some broad, small business loan support in the form of that PPP loan program, so they’ve added over $200-billion directly to that program for small businesses to help cover that payroll, to help keep people employed, but more specifically, they’ve targeted kind of specific industries like live entertainment, hospitality where they’re going to provide even more kind of benefits directly to those industries cause we know that those industries are really struggling the most right now,” Gaeta said.

In the Marina District, many restaurants have closed down – hibernating for the winter due to the current stay at home order imposed by health officials closing all dining. 

At Izzy’s, a small staff is handling take out with locals trying to help out as they can, concerned that the new round of money is not coming as fast as it should be.

“Yeah, they really need it. We don’t want any more of our amazing, historical restaurants in the Bay Area to close down. I heard the Cliff House was closing down,” San Francisco resident Rebecca Herb said. 

Very tough times indeed out here, everyone hoping that the money comes as fast as it can.

Latest Posts

Copyright 2021 Nexstar Media Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

COVID-19 Vaccine Tracker

Trending Stories

Latest News

More News