“The margins are thin as a razor,” he says. “It’s just about keeping the lights on.”
But for other business owners, the vaccine came too late. In September, Camilla Marcus closed West-bourne, her restaurant in New York’s SoHo neighborhood, after being unable to renegotiate her lease to cut rental costs.
Ms. Marcus has kept a trickle of money by selling packaged food on her business website and hosting virtual events. But she has no plans to open another restaurant.
“It’s going to get worse before it gets better,” she said. “It’s going to be a long haul.”
Others, like Roy Paulson, a factory owner in Temecula, California, feel more secure. Like many manufacturers, he had high demand during the pandemic for industrial face shields and eyewear his company makes for welders and electricians.
The Economic Relief Program will issue payments of $ 600 and distribute a federal unemployment benefit of $ 300 for at least 10 weeks. Learn more about the measurement and what you bring to it. To find out how to get help, see our Hub for help.
- Will I receive another stimulus payment? Adults whose adjusted gross income on their 2019 tax return can reach $ 75,000 per year will receive a payment of $ 600, and a couple (or someone whose spouse died in 2020) earning up to $ 150,000 per year will receive double that amount. There is also a payment of $ 600 for each child for families who meet these income requirements. People who file their taxes using head of household status and earn up to $ 112,500 also receive $ 600, plus the additional amount for children. People with incomes just above these levels will receive a partial payment that will decrease by $ 5 for every $ 100 of income.
- When can my payment arrive? The Treasury Department said on Dec. 29 it had started making direct deposit payments and would start mailing checks the next day. But it will be some time before everyone who qualifies gets their money.
- Does the agreement affect unemployment insurance? Lawmakers have agreed to extend the period during which people can collect unemployment benefits and restart an additional federal benefit that is provided in addition to the usual state allowance. But instead of $ 600 per week, it would be $ 300. This will last until March 14.
- I’m late on my rent or plan to be soon. Will I receive relief? The deal will provide $ 25 billion for distribution by state and local governments to help tenants who have fallen behind. To receive assistance, households will have to meet several conditions: Household income (for 2020) cannot exceed more than 80% of the area’s median income; at least one member of the household must be at risk of homelessness or housing instability; and individuals must be eligible for unemployment benefits or have experienced financial hardship – directly or indirectly – as a result of the pandemic. The accord said aid would be a priority for families with low incomes and who have been unemployed for three months or more.
New models of the shields, which were originally due out last year, will be coming out soon, which Paulson hopes will further boost sales. Last week, the Institute for Supply Management reported that its manufacturing index jumped in December to its highest level since August 2018.
“Manufacturing is alive and well in Southern California and the United States,” said Paulson. “I expect a great year.”
While the situation is very different for restaurants, some are convinced that the industry will rebound.