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CNN CNN Newsroom Live June 4, 2024 09:37:00

Says they re struggling to stay open. and now it s time to pay back those loans. it s very difficult. we just got over paying back the landlord. you re just a hamster spinning on a wheel. reporter: at the start of covid, with business stalled, nearly 4 million small business owners took out what are called economic injury disaster loans, or idle loans from the federal government. on average, about $100,000. in many cases, just to stay afloat. 30 years with a fixed interest rate of 3.75%. and unlike some other pandemic programs, idle loans were expected to be paid back down the road. now the first monthly payments are coming due. most businesses will owe money by the end of january. it s daunting. reporter: allen says he owes more than $3,700 per month, roughly $780,000 in all. a lot of which he says he spent on rent and payroll. we can t afford anything, but ....

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CNN CNN This Morning Weekend June 4, 2024 11:01:00

I . storm after storm rips through the state causing flash flooding. it s not over. we re tracking another round of heavy rain moving in. plus, days from hitting the debt ceiling president biden and the new republican led house could soon be sparring as the country inches closer to defaulting on it debt. how kevin mccarthy s concessions to become speaker could complicate talks. and the death toll continues to climb in dnipro after a russian missile struck an apartment building. we are live in ukraine this morning. it s very difficult. we just got over paying back the landlord. you re just a hamster spinning on a wheel. for millions of small business owners who took out loans to stay afloat during the pandemic, it is time to pay up. we ll tell you how many are fighting to stay open. ....

Flash Flooding , Heavy Rain Moving , Joe Biden , White House , Kevin Mccarthy , Debt Ceiling , Death Toll , Bit Debt , Jh Ukraine , Apartment Building , Apartment Block Dnipro , Hamster Spinning , Small Business Owners ,

CNN CNN This Morning Weekend June 4, 2024 11:36:00

While the worst part of the pandemic may seem like it s behind us, that s not the case for some business owners and their bottom lines. and now for those owners who received loans to stay afloat, it s time to pay up. cnn s gabe cohen has more. at teddy and the bully bar near downtown dc, business post pandemic has never been the same. i m still climbing the hill. reporter: covid closed two of allen s restaurants. government loans saved the other two. with city center struggling to bring back traffic, his revenue is still down 45% from pre-pandemic, and allen says they re struggling to stay open and now it s time to pay back those loans sfl. it s very difficult. we just got over paying back the landlord. you re just a hamster spinning on a wheel. reporter: at the start of covid, with business stalled, ....

U S , Business Owners , Gabe Cohen , Bully Bar , Business Post , Downtown Dc , Covid Closed Two Of Allen S , Government Loans , Pre Pandemic , Back Traffic , City Center , The Hill , Hamster Spinning ,

CNN CNN Newsroom June 4, 2024 15:52:00

Bully bar near downtown d.c., business post pandemic has never been the same. i m still climbing the hill. reporter: covid closed two of his four restaurants, government loans saved the other two. but with city center struggling to bring back traffic, his revenue is still down more than 45% from pre-pandemic and allen said they re struggling to stay open and now it is time to pay back those loans. it is very difficult. we just got over paying back the landlord. you re just a hamster spinning on a wheel. reporter: at the start of covid with business stalled, nearly 4 million small business owners took out economic injury disaster loans or idle loans from the federal government. on average about $100,000. in many cases just to stay afloat. 30 years with a fixed interest rate of 3.75%. and unlike some other pandemic programs, idle loans were expected to be paid back down ....

Jim And Erica , Government Loans , Bully Bar , The Hill , Business Post , City Center , Downtown D C , Pre Pandemic , Back Traffic , Injury Disaster Loans , Hamster Spinning , 4 Million , Interest Rate , 23 75 ,

CNN CNN This Morning June 4, 2024 11:40:00

Said are clawing their way back from covid and now many are dealing with yet another financial strain. at the start of covid, nearly 4 million businesses took out disaster loans from the federal government. in all, about $380 billion, now they have to start paying them back. at teddy and the bully bar near down dtown d.c., business has never been the same. covid closed two restaurants, government loans saved the other two. but his revenue is still down 45% from pre-pandemic and allen said they re struggling to stay open and now it s time to pay back those loans. it s very difficult. we just got over paying back the landlord. you re just a hamster spinning on a wheel. at the start of covid with business stalled. ....

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