Small business owners in and around D.C. are reeling after learning the Small Business Administration announced it reached the $349 billion lending limit for its protection loan program prompted by the coronavirus crisis. Many entrepreneurs don’t know where their loan applications fall in the midst of a sudden recession.
“Nothing we can do will make up for being open, we’re obviously taking a huge hit,” said Bruce Gates, co-owner of Pearl Street Warehouse.
Gates refuses to let the music stop, coordinating with artists to stream live shows and posting previous performances at Pearl Street Warehouse on the business’ YouTube channel.
When he learned the Small Business Administration ran out of funding for its paycheck protection loan program for small businesses, he paused.
Pearl Street Warehouse does have a loan application submitted, but has not heard back on its status.
“The news obviously is of some concern. We don’t know if we have been approved and we just haven’t been notified or not,” Gates said.
Meanwhile, he is doing what he can, offering gift cards that support his hourly employees who’ve lost work during the coronavirus shutdown.
“We want to keep the team together as best we can,” Gates said of rehiring his hourly workers when the country opens for business again.
Gates’ venue is a restaurant and bar that have been cooking family-style meals for sale Thursday through Sunday with the option of adding a “make your own” cocktail kit as well.
Meanwhile, Gates said he is concerned for neighboring businesses at The Wharf, which are relatively new — only opening in the past few years and tending to see the majority of their customers when the weather gets warmer.
“I think it will hit The Wharf community harder… This is the season that we would just be opening up for our third spring/summer season. And as you know, most businesses, generally if they are going to survive, go into the black in their third year … so this comes at a particularly difficult time for all of us,” he said.
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