As Paycheque Protection Programs Kick Off, Billings Coffee Stand Owner Gets First in Montana | Business
The employees of Tanya Weinreis go to work today and they are paid. For the owner of the Mountain Mudd kiosk company who has been severely affected by Montana’s “stay at home” pandemic order, this is a big deal.
The nationwide rollout of the $ 349 billion paycheck protection program took place on Friday. And Weinreis appeared to be the first Montana business owner to qualify.
This means that its 50 employees will continue to be paid for the next eight weeks. Her crew will likely still be intact as Montana emerges from deep economic decline.
“I had to protect and take care of my employees, almost like a mother takes care of her children,” Weinreis said. “Who needs to work, who wants to work and then also who has to stay at home? “
Some employees with weakened immune systems told him, “I can’t do this right now. “
“Then we’ll keep your job to you,” she said. “We don’t know how long it’s going to last. And it’s not easy to do. Working with 50 people and individually doing what’s best for them is difficult.”
At Yellowstone Bank, Weinreis met with Homestead branch president Jason Hinch on Friday to finalize things after working remotely on most of the details.
They met in a conference room sitting at opposite ends of a table that normally seats six with room for all. The funds are supposed to be available the same day a business is approved for the loan, which was the case with Weinreis. All loan payments are waived as long as 75% of the money is used to keep employees on the payroll. The remaining 25% of the loan can be used for expenses such as rent, mortgage interest, and utility bills. Anything that money was spent on outside of these parameters should be refunded at 0.5%.