{"id":2457707,"date":"2020-04-27T00:00:00","date_gmt":"2020-04-27T06:00:00","guid":{"rendered":"https:\/\/www.aspentimes.com\/?p=324952"},"modified":"2020-04-27T10:16:58","modified_gmt":"2020-04-27T16:16:58","slug":"aspens-economy-temporarily-propped-up-by-feds","status":"publish","type":"post","link":"https:\/\/alwaysmountaintime.com\/kspn\/local-news\/aspens-economy-temporarily-propped-up-by-feds\/","title":{"rendered":"Aspen\u2019s economy temporarily propped up by feds"},"content":{"rendered":"<figure class=\"wp-block-image p402_hide\">\n<div class=\"caption-container\"> <img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"683\" src=\"https:\/\/cdn.aspentimes.com\/wp-content\/uploads\/sites\/5\/2020\/04\/PPPbusinesses-atd-042720-2-1024x683.jpg\" class=\"attachment-large size-large wp-post-image\" alt srcset=\"https:\/\/cdn.aspentimes.com\/wp-content\/uploads\/sites\/5\/2020\/04\/PPPbusinesses-atd-042720-2-1024x683.jpg 1024w, https:\/\/cdn.aspentimes.com\/wp-content\/uploads\/sites\/5\/2020\/04\/PPPbusinesses-atd-042720-2-300x200.jpg 300w, https:\/\/cdn.aspentimes.com\/wp-content\/uploads\/sites\/5\/2020\/04\/PPPbusinesses-atd-042720-2-768x512.jpg 768w, https:\/\/cdn.aspentimes.com\/wp-content\/uploads\/sites\/5\/2020\/04\/PPPbusinesses-atd-042720-2-1536x1025.jpg 1536w, https:\/\/cdn.aspentimes.com\/wp-content\/uploads\/sites\/5\/2020\/04\/PPPbusinesses-atd-042720-2-2048x1366.jpg 2048w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\"><figcaption><strong>Ute Mountaineer buyer Barbara Bleeker straightens a mannequin in the front window of the shop on Friday, April 24, 2020. (Kelsey Brunner\/The Aspen Times)<\/strong><br \/><em>Kelsey Brunner\/The Aspen Times<\/em><\/figcaption><\/div>\n<\/figure>\n<p class=\"STND-STND BodyText DropCap\">Hundreds of Aspen small businesses have a lifeline to continue to exist during the economic crisis thanks to the federal government\u2019s Paycheck Protection Program, but for some the relief is not coming soon enough.<\/p>\n<p class=\"STND-STND BodyText\">Across various sectors of retail, restaurants, lodging and professional services, business owners say using <a id=\"N0x2c9dc70N0x2d12630:N0x2c9dc70N0x2d16528\" href=\"https:\/\/www.aspentimes.com\/news\/local\/aspen-area-banks-said-hundreds-of-local-businesses-scrambled-to-get-paycheck-protection-loans\/\">local banks<\/a> was key to securing the federal government\u2019s forgivable loan known as PPP.<\/p>\n<p class=\"STND-STND BodyText\">\u201cIt was harder to get in other places around the country,\u201d said Donnie Lee, general manager of The Gant condominiums, which received PPP to cover payroll of its 90 employees for eight weeks.<\/p>\n<p class=\"STND-STND BodyText\">He said it was a good message to be able to send to the board, which represents all of the condo owners, that The Gant\u2019s close relationship with Alpine Bank made it possible.<\/p>\n<div class=\"row\">\n<div class=\"col\" readability=\"6\">\n<div class=\"row at-donation at-donation-mobile p-0\" readability=\"7\">\n<div class=\"col-xl-4 p-2\">\n<div data-bg=\"url(https:\/\/cdn.aspentimes.com\/wp-content\/uploads\/sites\/5\/2020\/03\/AT-logo-white.png)\" class=\"p-0 mt-2 mb-2 h-75 text-center rocket-lazyload\"><img decoding=\"async\" src=\"https:\/\/cdn.aspentimes.com\/wp-content\/uploads\/sites\/5\/2020\/03\/AT-logo-white.png\" class=\"logo m-0 p-0 invisible\"><\/div>\n<\/div>\n<p><h3 class=\"d-inline mr-3\">Support Local Journalism<\/h3>\n<p><button class=\"btn d-inline\" type=\"button\" onclick=\"handleDonationButtonClickMidArticle()\">Donate<\/button><\/p>\n<\/div>\n<p><\/div>\n<\/div>\n<p class=\"STND-STND BodyText\">The Gant, like many other Aspen businesses, got in the program during the first round of PPP funding \u2014 before the coffers were depleted.<\/p>\n<p class=\"STND-STND BodyText\">\u201cIt allows us a longer runway to weather the storm,\u201d Lee said, adding that by not having to cover payroll for two months, expenses like landscaping and property management can be covered in advance of an eventual reopening once public health orders are lifted.<\/p>\n<p class=\"STND-STND BodyText\">The PPP, which has been funded for a <a id=\"N0x2c9dc70N0x2d12690:N0x2c9dc70N0x2d16888\" href=\"https:\/\/fortune.com\/2020\/04\/23\/ppp-sba-paycheck-protection-program-loans-applying-round-2-what-to-know-small-business-application-congress-funding\/\" target=\"_blank\" rel=\"noopener noreferrer\">second round<\/a><i class=\"fas fa-external-link-alt\"><\/i> that begins Monday, is available to businesses with no more than 500 employees. It provides as much as $10 million to qualified businesses through the <a id=\"N0x2c9dc70N0x2d126f0:N0x2c9dc70N0x2d16918\" href=\"https:\/\/www.sba.gov\/funding-programs\/loans\/coronavirus-relief-options\/paycheck-protection-program\" target=\"_blank\" rel=\"noopener noreferrer\">Small Business Administration\u2019s loan program<\/a><i class=\"fas fa-external-link-alt\"><\/i>.<\/p>\n<p class=\"STND-STND BodyText\">If at least 75% of the money awarded is used for payroll in an eight-week time frame, it\u2019s a forgivable loan. If not, it has to be paid back at a maximum rate of 4% and no more than 10 years.<\/p>\n<p class=\"STND-STND BodyText\">Detailed information on how to comply with the rules and successfully apply for loan relief have not been made clear yet.<\/p>\n<p class=\"STND-STND BodyText\">That\u2019s why Dave Ellswieg, general manager of Campo de Fiori and co-owner of Starbucks in Aspen, said he is relieved his establishments didn\u2019t make it in the first round of PPP funding.<\/p>\n<p class=\"STND-STND BodyText\">He\u2019s been told by his financial institution that they are cued up for the second round of funding.<\/p>\n<p class=\"STND-STND BodyText\">\u201cOur biggest concern is understanding the parameters and what the ramifications are if you don\u2019t follow them,\u201d Ellswieg said. \u201cBeing in the second round was fortuitous because as time goes on, we\u2019ll understand the terms of the loan.\u201d<\/p>\n<p class=\"STND-STND BodyText\">Making sure employees stay on the rolls at whatever levels they were when the loan was approved can prove challenging for some businesses.<\/p>\n<p class=\"STND-STND BodyText\">Longtime retailer Bob Wade, who owns the Ute Mountaineer with his wife, Ruth, said he\u2019s paying a staff of around 20 even though the store is closed per the <a id=\"N0x2c9dc70N0x2d12750:N0x2c9dc70N0x2d16d98\" href=\"https:\/\/www.aspentimes.com\/news\/pitkin-county-lengthens-stay-at-home-order-to-april-30-limits-group-down-to-5-people\/\">county\u2019s public health order<\/a>.<\/p>\n<p class=\"STND-STND BodyText\">\u201cYou want to use your staff to create revenue,\u201d he said, adding some employees are working, but not everyone. \u201cWe\u2019re going to redistribute the staff to volunteer in the community.\u201d<\/p>\n<p class=\"STND-STND BodyText\">When the PPP funding was first announced, Wade said there was a feeling of urgency and uncertainty, so the Ute got in the queue quickly with Alpine Bank.<\/p>\n<p class=\"STND-STND BodyText\">\u201cIt was a rush job for sure,\u201d he said of the PPP. \u201cIt\u2019s not going to do what it was intended to do for small businesses.\u201d<\/p>\n<p class=\"STND-STND BodyText\">If he had a crystal ball, Wade would\u2019ve benefited from the second round of PPP, because he\u2019ll likely be open in some fashion in the coming weeks if public health orders are amended.<\/p>\n<p class=\"STND-STND BodyText\">But it\u2019s the right thing to do to keep people employed and away from the unemployment rolls, area employers agreed.<\/p>\n<p class=\"STND-STND BodyText\">For Kate Owens, owner of Valley Veterinary Hospital in Rifle and All Pets Mobile Vet, which serves Aspen to Rifle, she is covering payroll in both businesses through PPP funds.<\/p>\n<p class=\"STND-STND BodyText\">While the mobile vet is closed because of the public health orders, which are designed to slow the spread of the <a id=\"N0x2c9dc70N0x2d127b0:N0x2c9dc70N0x2d17218\" href=\"https:\/\/www.aspentimes.com\/coronavirus\/\">novel coronavirus<\/a>, the Rifle operation is open, although business is slower because of restrictions.<\/p>\n<p class=\"STND-STND BodyText\">When Owens fully reopens, she wants her team, many of whom are specialized doctors and staff, intact. Combined, Owens employs 17 people.<\/p>\n<p class=\"STND-STND BodyText\">\u201cIt\u2019s hard to replace them,\u201d she said. \u201cIt\u2019s making sure my staff is being taken care of.\u201d<\/p>\n<p class=\"STND-STND BodyText\">Owens said the PPP is crucial in keeping her businesses solvent.<\/p>\n<p class=\"STND-STND BodyText\">\u201cIt\u2019s helping because we\u2019ve seen a reduction in revenue and it helps me be able to pay for things like equipment repairs,\u201d she said.<\/p>\n<p class=\"STND-STND BodyText\">Brad Jasicki, owner of Replay Sports, got caught stuck in the queue in the first PPP funding round by going through Wells Fargo, where he\u2019s done business for nearly two decades.<\/p>\n<p class=\"STND-STND BodyText\">He said he was told it was first-come, first-served and to wait for the application link to appear online when the program opened, but that took longer than what was advertised.<\/p>\n<p class=\"STND-STND BodyText\">After being repeatedly told via email that he was in the queue, Wells Fargo finally recommended that Jasicki use a different bank because they couldn\u2019t process the application.<\/p>\n<p class=\"STND-STND BodyText\">\u201cTimberline (Bank) came through for me and said I was accepted through the SBA,\u201d he said, adding that it\u2019s been stressful while he\u2019s waiting for the money to appear in the bank. \u201cThat PPP was tough.\u201d<\/p>\n<p class=\"STND-STND BodyText\">He\u2019s got three employees he\u2019d like to pay, including one who was sick.<\/p>\n<p class=\"STND-STND BodyText\">\u201cI want to pay sick leave and I\u2019ve got zero income coming in,\u201d he said. \u201c(PPP) is buying time because the future is uncertain, so yes, of course it assists me because I won\u2019t even probably use it until we are open.\u201d<\/p>\n<p class=\"STND-STND BodyText\">The local economy was jamming up until the COVID-19 outbreak in early March when 13 Australian visitors tested positive.<\/p>\n<p class=\"STND-STND BodyText\">Shortly after, public health orders shut down the spring break party throughout the resort.<\/p>\n<p class=\"STND-STND BodyText\">\u201cWe lost three of the most lucrative weeks in March that we won\u2019t get back,\u201d said Campo de Fiori\u2019s Ellswieg, noting that business in the summer is a big question mark.<\/p>\n<p class=\"STND-STND BodyText\">Major events like the Food &amp; Wine Classic in Aspen, Aspen Ideas Festival and the June Jazz Aspen Snowmass Experience have canceled.<\/p>\n<p class=\"STND-STND BodyText\">Jim Horowitz, president and CEO of Jazz Aspen Snowmass, said without ticket sales, revenue has dried up.<\/p>\n<p class=\"STND-STND BodyText\">A \u201clow six-figure amount\u201d of PPP, through Alpine Bank, is enabling him to keep his team of six employed.<\/p>\n<p class=\"STND-STND BodyText\">\u201cIt\u2019s a crucial lifeline right now,\u201d he said. \u201cIt\u2019s going to be tight but the PPP helps.\u201d<\/p>\n<p class=\"STND-STND BodyText\">The PPP is helpful for small operations, which is what most of Aspen\u2019s economy is made up of.<\/p>\n<p class=\"STND-STND BodyText\">Tricia McIntyre, owner of Aspen Luxury Vacation Rentals, first tried to obtain PPP funds through Wells Fargo thinking that because they are big and deal with small businesses they\u2019d come through.<\/p>\n<p class=\"STND-STND BodyText\">But that proved to be difficult, so McIntyre turned to FirstBank and was able to get PPP to pay her five employees for the next two months.<\/p>\n<p class=\"STND-STND BodyText\">\u201cI\u2019d rather keep them on staff, and we didn\u2019t skip a pay period because of it,\u201d she said. \u201cIt\u2019s buying time and saving our little town.\u201d<\/p>\n<p class=\"STND-STND BodyText Tagline\"><a href=\"mailto:csackariason@aspentimes.com\">csackariason@aspentimes.com<\/a><\/p>\n<p><a href=\"https:\/\/www.aspentimes.com\/news\/local\/aspens-economy-temporarily-propped-up-by-feds\/\" target=\"_blank\" rel=\"noopener noreferrer\">via:: The Aspen Times<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Ute Mountaineer buyer Barbara Bleeker straightens a mannequin in the front window of the shop on Friday, April 24, 2020. (Kelsey Brunner\/The Aspen Times)Kelsey Brunner\/The Aspen Times Hundreds of Aspen small businesses have a lifeline to continue to exist during the economic crisis thanks to the federal government\u2019s Paycheck Protection Program, but for some the [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[49],"tags":[],"class_list":["post-2457707","post","type-post","status-publish","format-standard","category-local-news"],"acf":[],"publishpress_future_action":{"enabled":false,"date":"2026-08-17 22:34:36","action":"change-status","newStatus":"draft","terms":[],"taxonomy":"category","extraData":[]},"publishpress_future_workflow_manual_trigger":{"enabledWorkflows":[]},"distributor_meta":false,"distributor_terms":false,"distributor_media":false,"distributor_original_site_name":"KSPN The Valley&#039;s Quality Rock","distributor_original_site_url":"https:\/\/alwaysmountaintime.com\/kspn","push-errors":false,"_links":{"self":[{"href":"https:\/\/alwaysmountaintime.com\/kspn\/wp-json\/wp\/v2\/posts\/2457707","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/alwaysmountaintime.com\/kspn\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/alwaysmountaintime.com\/kspn\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/alwaysmountaintime.com\/kspn\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/alwaysmountaintime.com\/kspn\/wp-json\/wp\/v2\/comments?post=2457707"}],"version-history":[{"count":1,"href":"https:\/\/alwaysmountaintime.com\/kspn\/wp-json\/wp\/v2\/posts\/2457707\/revisions"}],"predecessor-version":[{"id":2457731,"href":"https:\/\/alwaysmountaintime.com\/kspn\/wp-json\/wp\/v2\/posts\/2457707\/revisions\/2457731"}],"wp:attachment":[{"href":"https:\/\/alwaysmountaintime.com\/kspn\/wp-json\/wp\/v2\/media?parent=2457707"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/alwaysmountaintime.com\/kspn\/wp-json\/wp\/v2\/categories?post=2457707"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/alwaysmountaintime.com\/kspn\/wp-json\/wp\/v2\/tags?post=2457707"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}