Sacramento Salon Gets Second Chance With Paycheck Protection Program Loan
SACRAMENTO (CBS13) — Kevin Michael Salon in downtown Sacramento was nearing its breaking point after months of no business due to the coronavirus pandemic.
Despite the rough times, the owner of the 15-year-old salon did not give up.
"I never thought I would make it 15 years, and the fact that we did, I really want to make it to that 20-year mark," owner Kevin Michael said.
Michael applied for the first round of the federal Paycheck Protection Program, but the nearly $400 billion fund quickly ran dry.
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Weeks ago Michael was ready to call it quits, even preparing his employee for the worst.
"I've told her to reach out to me with anything she might need in the meantime in the interim before her unemployment checks do get started," he said.
But he didn't give up. After a little patience and a lot of hope, the salon got a second lease on life. Michael was notified by the Small Business Association that he got the loan.
Small businesses are required to use 75% of the loan for payroll, rent/mortgages, or utilities, and that's what Michael says he plans to do.
"It's a little extra bump that I'll be able to sleep at night knowing that things are going to be paid and we do have a place to come back to," he said.