Everyone in the United States and around the world has felt the impact of the COVID-19 global pandemic. Our new reality is something that until this point has only been written about in science fiction novels – people are getting infected and dying, economies are stopping at a standstill, and medical gear is in a constant shortage. We have witnessed thousands of small businesses close and millions of people lose their jobs.
A light of hope has been the CARES Act or the “Coronavirus Aid, Relief, and Economic Security Act” – an over $2 trillion-dollar coronavirus response bill intended to provide relief to individuals, small businesses, public health, state and local governments, big corporations, and others. For many, this ACT is a beacon of hope.
As a small business owner, the CARES Act offered the same invaluable sense of solace it has offered entrepreneurs across the nation. Unfortunately, I’ve experienced obstacles every step of the way.
Accessing the PayCheck Protection Program (PPP) – a low-interest loan through SBA approved lenders that provides capital to pay for employee wages and business expenses with a stipulation that turns part of the loan into a grant if it is used to keep employees working and pay for their salary – has been impossible to access. As soon as I confirmed that my small business banker, WellsFargo was approved to disburse the PPP, I called to get more information – only to be disconnected and never have information sent my way. When the online application opened – it was only available for less than 48 hours when I received a notification from their CEO that their funding limit had been capped. Every step of this process has been painful. Something that was initially light at the end of the tunnel was only a shadow of false hope.
Businesses around the country are experiencing these same challenges and every step of the way there are obstacles. As a minority-owned business development firm, we understand how essential access to these programs will be for ensuring the livelihood of businesses everywhere. That’s why we are fully committed to educating other organizations and businesses on the best way to access funds and successfully pursue these opportunities. This week, we will launch our new COVID-19 public education campaign. We are gathering resources from the federal & local government and the private sector that will provide small businesses and communities around the country relief.
We know that for many businesses including our firm, waiting on “one day soon” for relief is not enough. We have payroll to meet and people to take care of. However, I have been strengthened by the powerful community-based response we have seen in the US and around the world.
Now we look to the past to learn from those who inspired us to move forward. The journey to normalcy will test our character but we will overcome all obstacles presented to us during these trying times.
