Tri-county tourism, hospitality hurting but region suited for recovery
Keeping the economy closed has saved lives, but it has hurt and will continue to hurt tri-county residents in the pocketbook. A webinar put on by UC Santa Barbara on April 16 probed the different ways the community’s businesses were hurting and panelists talked about solutions to help ease the pain. “I think we can Read More →
More questions than answers as PPP runs out of loan funds
Questions remain as the Small Business Administration ran out of funding for the Payroll Protection Program on April 16. The fund started with $349 billion, which was quickly loaned out to businesses across the nation — but not to everyone at the same time. Independent contractors and self-employed people were able to apply for the Read More →
COVID-19 pandemic crushes the tri-county wedding industry
Hundreds of weddings in the Tri-Counties have been canceled or postponed since governmental orders forbade people from gathering in groups to prevent the spread of COVID-19. The ban cratered the industry on the Central Coast, which saw weekends in half of March, all of April and now parts of May become untenable. “It’s devastating to Read More →
Tri-county airports get federal grants as ridership plummets
Several tri-county airports received federal funding through the Coronavirus Aid, Relief, and Economic Security Act Airport Grant Program as they faced steep declines in ridership. Of the three largest airports, San Luis Obispo County Regional Airport received the most —$20 million. Santa Barbara Municipal Airport got $9.6 million, and Santa Maria Public Airport, which lost Read More →
CLU economists say short lockdown key to small business survival
A new report from the Center for Economic Research & Forecasting at California Lutheran University underscores the ferocity of the debate around re-opening the economy. CERF forecasters Matthew Fienup and Dan Hamilton now project a stunning, nearly 20 percent drop in GDP and Great Depression levels of job losses, followed by a long, slow U-shaped Read More →
Steinfeld and Werth: Cannabis businesses are essential
By Amy Steinfeld and Alina Werth As a result of Gov. Gavin Newsom’s stay-at-home executive order, all but “essential” businesses have closed to slow the spread of the novel coronavirus. Cannabis dispensaries are one of a few retail operations deemed essential, along with pharmacies and grocery stores. And it’s not just dispensaries that have been Read More →
Banks struggling with PPP loans for tri-county small businesses
Last-minute rules changes and a messy rollout mean small businesses and nonprofits will have to wait a little longer to get the help they’ve been promised under the CARES Act. The $349 billion Payroll Protection Program, a key part of the act, went live on April 3, but few banks were in a place where Read More →
