The government’s small business loans are meant to be limited to companies with 500 or fewer employees, like Counterpoint Records & Books. But there are reports that chains such as Ruth's Chris Steakhouse and Shake Shack took millions using a loophole.
Confusion and frustration bedevil attempts to keep employees on the job while getting a Payroll Protection Program loan.
Forty years ago, Polifronio and her husband, John, opened Counterpoint Records & Books in what was then a cozy, affordable neighborhood, located down the hill from the famous Hollywood sign. The store sold used vinyl records and books, including rare collectibles. In recent years it has been adding new vinyl as that retro technology has made a fashionable comeback.
The couple survived the rise of the internet and Amazon by tightening their offerings to niche neighborhood tastes. Profit margins were always thin, but they ran the place conservatively. “We’ve had times when we’ve had to pull out of our personal savings, more so since the economy crashed in 2007,” Polifronio said. “But we’ve never generally had to stretch too far.
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