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 The executive director of the Association of Asian Youth and Communities (ACYA, in Spanish) in Puerto Rico, Stephen Leung Mok, also said there were Chinese food restaurants that were closed and sold. In part, because their owners emigrated due to the multiple economic challenges that were exacerbated by the pandemic.

Chinese food restaurants closed six to eight weeks after the arrival of COVID-19 and experienced a drop in sales between May and June last year, Lueng Monk said. In certain restaurants, the closure was so protracted that they applied for Payment Protection Program (PPP) loans, although it is unusual for Chinese retailers to apply for government aid.

They used the money mainly to pay the rent of their establishments, he said.

Given the absence of specific statistics on Chinese retailers applying for incentives and loans from the Department of Economic Development and Commerce (DDEC) or the US Small Business Administration (SBA), the CPI interviewed five accountants who serve this business community to learn about the situation. Cells pattern 3D leggings

Accountant Raúl López Bayron said Chinese retailers on the island who he has offered services to during the pandemic have mostly requested the DDEC’s incentives of $5,000 to $10,000 for small and medium-sized companies for unbudgeted expenses. They have applied for PPP loans as a second option.

López Bayron learned of two Chinese restaurants that closed in that period due to the compounding economic challenges they dragged for several years.

Taxes and refund claims specialist, Francisco Vázquez Pantojas, also said the Chinese retailers he assisted during the pandemic applied for PPP loans. Chinese retailers were “very tight” on money due to the pandemic when they applied for the loans, he said.

Accountants Ana Valentín Torres and Edwin Ortiz, who for several years have provided services to Chinese restaurants, said these businesses requested the PPP to pay employee salaries during the emergency.

While Ortiz believes that federal loans helped these establishments stay afloat, he worries about what will happen when the aid ends.

 

 

 

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