For These Companies, Stimulus Was No Solution; ‘We Decided to Cut Our Losses’
Cheryl Rose said a federal program wouldn’t provide enough to keep her business afloat.
PHOTO: CHAD RAMEY
Written By: Zariah McInnis
Due to COVID-19 pandemic, many changes has happened throughout the United States. One of the big changes noticed was the closure of small-business. Many small businesses was forced to completely shut down. They did were not able to receive stimulus checks to help like certain citizens.
"Plenty of small businesses were struggling before the pandemic hit. Others said they had promising futures, but couldn’t come up with the cash needed to sustain operations or didn’t want to take on additional debt." One small restaurant order had to cut ties with his restaurant. He had recently just paid back a $200,000 debt but without making more income he would be in trouble so he cut the restaurant loose.
Although there is support for small business it just isn't a loan that will be able to keep them open. Small business is eligible for the Paycheck Protection Program. However, the program only offers to defer the small business portion of the rent, which, in the long run, meant later there would be a higher cost of expenses
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