Davis Publicly-Traded Company Gets Federal Loan While Smaller Businesses Wait
DAVIS (CBS13) — Some of the small businesses receiving forgivable loans from the federal government's "payroll protection program" are publicly-traded companies with values listed in the tens of millions of dollars.
Davis company Marrone Bio Innovations is a winner in the small business battle for federal loan dollars in response to the coronavirus crisis.
Marrone Bio, which manufactures biological based pesticides, announced it is receiving $1.7 million from the payroll protection loan program.
CEO and Founder, Dr. Pam Marrone, says her company needs it and qualifies for it.
"My job is to take care of my employees, my customers, and my shareholders," Marrone said.
An Associated Press report listed Marrone Bio as one of 94 publicly-traded companies receiving money from the loan program while many much smaller businesses are still waiting because federal funds ran out.
READ: Federal Student Loan, Tax Payments Delayed Due To Coronavirus Pandemic
"You know we really felt terrible for everyone who is economically impacted by the tragic pandemic, especially small businesses, but we're also a very small business," Marrone said.
Across the river in Sacramento, small business owners Susan and Lawrence Crane showed their warehouse of party supplies sitting in on massive shelves.
"We don't know what's going to happen right now," Susan Crane said.
The couple owns "The Party Concierge." The business is built on celebration, with balloons, decorations, and so much more. With gatherings banned, they were forced to lay off two dozen employees. They applied for a payroll protection loan, and have not received funding.
READ: California Got The Most Money, But More Texas Businesses Got Coronavirus Federal Relief
"We're just kind of on hold," Susan Crane said.
The federal government's small business loans are a relief for some.
"We're doing good for the world here," Marrone said.
For others, it's left owners wondering and waiting.
"You know anybody that got money, please put it out there to the economy, and buy some balloons," Susan Crane said.
The initial $300 billion in loans ran out earlier this month. Another $300 billion is expected to be added to the loan program by the end of this week.
