Federal loans could help North Alabama small businesses in coronavirus crisis

On Friday, owners of Salon Allure are applying for the Paycheck Protection Program.

Posted: Apr 1, 2020 6:19 PM

Right now, small businesses are taking a hit.

However, help from the federal government is on the way through the Coronavirus Aid, Relief, and Economic Security Act, or 'CARES' Act. 

It includes a $349 billion Paycheck Protection Program. It will help with a businesses payroll, and other operating expenses. 

At Salon Allure, they made the decision to close two days before the governor required non-essential businesses to shut down temporarily. 

Since then, they have been actively seeking financial guidance on what to do to keep their business alive. 

"This has been our baby, its been our dream, its our life," Michelle McGough, owner of Salon Allure said. 

In the 16 years of business, McGough and co-owner Paula Lecher are unsure of what is to come. 

Like many other non-essential businesses, they have had to make tough decisions. When they realized, it was not safe to stay open, they furloughed the majority of their employees. 

"We have several single moms that have children they need to feed and when we said we had to close, they panicked," McGough said. 

McGough said they have spoken directly to each one, guiding them to file for unemployment. 

"They're OK," McGough said. "It's scary, nobody knows when they are going to get to come back to work."

On Friday, McGough and her business partner are applying for the Paycheck Protection Program. It will provide 8 weeks of payroll and certain overhead to keep workers employed, with loan payments deferred for six months. 

"That will preserve their financial stability without us having to pull money out of their reserve," McGough said.

McGough said she is thankful the government is providing her business with a chance to come out of this pandemic alive. 

"We get to touch lives and make people smile and make them feel better and we hope that we continue to do so," McGough said.

On Friday, eligible small businesses will be able to apply online. Businesses can receive a loan up to $10 million. 

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Alabama Coronavirus Cases

Confirmed Cases: 159439

Reported Deaths: 2699
CountyConfirmedDeaths
Jefferson23443377
Mobile16934315
Tuscaloosa10414140
Montgomery10298197
Madison939496
Shelby743663
Baldwin669469
Lee655065
Calhoun462161
Marshall441150
Etowah431251
Morgan418235
Houston418034
DeKalb346129
Elmore322753
St. Clair299942
Limestone289330
Walker282392
Talladega267435
Cullman250824
Lauderdale231342
Jackson217515
Autauga207431
Franklin206131
Colbert204132
Russell19533
Blount194225
Chilton189332
Dallas187227
Coffee179511
Dale177251
Covington175529
Escambia173030
Clarke135317
Chambers135244
Pike134413
Tallapoosa133087
Marion109729
Barbour10339
Marengo102522
Butler101340
Winston93713
Geneva9167
Lawrence86132
Pickens86018
Bibb84314
Randolph82916
Hale77730
Clay74912
Washington74912
Cherokee74514
Henry7196
Lowndes71428
Bullock64917
Monroe64810
Crenshaw60930
Perry5936
Fayette58413
Cleburne5738
Wilcox57012
Conecuh56113
Macon53720
Lamar5065
Sumter47321
Choctaw39212
Greene34616
Coosa2053
Out of AL00
Unassigned00

Tennessee Coronavirus Cases

Confirmed Cases: 249866

Reported Deaths: 3163
CountyConfirmedDeaths
Shelby36685565
Davidson31975343
Knox1284891
Rutherford12017115
Hamilton11867109
Williamson718756
Sumner6184112
Wilson473159
Putnam445657
Montgomery424057
Out of TN415136
Sullivan381946
Madison381479
Bradley361923
Washington356951
Maury338938
Blount337436
Sevier336423
Robertson262842
Hamblen247548
Tipton238123
Unassigned22615
Dyer224732
Gibson217244
Coffee192325
Hardeman190533
Greene181252
Obion179522
Trousdale17768
Bedford174520
Dickson170719
Fayette169825
Anderson169713
McMinn165937
Lawrence164520
Loudon164311
Cumberland161327
Wayne16047
Carter158334
Weakley157326
Jefferson156421
Monroe147228
Warren144910
Lauderdale144117
Henderson142126
Hardin140420
Macon134825
Roane13217
Franklin130220
Haywood129728
Overton122917
Hawkins122625
White119414
Johnson11577
Marshall115710
Carroll115326
McNairy113427
Rhea112418
Cocke108014
Cheatham106911
Campbell103512
Bledsoe10264
Smith99413
Lake9873
Giles98336
Fentress91811
Lincoln9173
Crockett87020
Hickman81015
Henry80211
Marion7839
DeKalb73717
Chester73314
Decatur66311
Grainger6124
Grundy57511
Union5463
Claiborne5286
Polk51713
Humphreys4584
Jackson4535
Morgan4437
Unicoi4333
Houston42317
Benton4219
Cannon4212
Lewis4185
Clay40615
Scott3865
Sequatchie3472
Stewart33611
Meigs3296
Perry3082
Pickett2748
Moore2722
Van Buren2081
Hancock1213

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