NewsBusiness

Actions

PPP 'saving grace' for Arizona businesses with three employees or fewer

Credit: Simon Lehman/Dallas Business Journal

Nearly half of the 85,074 Arizona companies that received the Small Business Administration-administered PPP loans had three employees or fewer.
Posted at 10:21 AM, Dec 16, 2020
and last updated 2020-12-16 12:21:25-05

Jeff Nelson, a Queen Creek-based event DJ, saw his business dry up almost overnight because of closures related to the Covid-19 pandemic. He quickly saw the effects of losing a large portion of his income.

“I was down to the change in my jars for food,” Nelson, the owner and sole employee of Unforgettable Entertainment, said.

He had heard about the Paycheck Protection Program, which was part of the CARES Act passed in March by Congress to aid small businesses, but he thought he didn’t qualify because he is a sole proprietor. However, a friend, who is an event photographer, told him that he had been able to get a loan, so Nelson decided to try.

“I went from using the coin machine at the grocery store to buy food and then had two and a half months of pay in my bank,” he said. “It was definitely a saving grace for me.”

Read more from the Phoenix Business Journal.