More coronavirus relief on the way for small businesses
For Nancy Sinoway, a second coronavirus relief loan would increase the chances that her dressmaking business will survive.
“I could use it for marketing, for new samples. I could use it as a lifeline,” says Sinoway, who designs and makes dresses for occasions like weddings and proms. She was flooded with order cancellations starting in early March as the virus spread and large gatherings and events were abandoned.
Sinoway got a Paycheck Protection Program loan last May and used it to pay her three employees. But the loan money fell far short of what she needed to maintain her Port Washington, New York, shop. She was forced to close it and move the business into her home.