Washington D.C. Small Business Owner Struggling to Get PPP Funds
Rahama Wright, who started her company, Shea Yeleen, to help fund jobs for 800 women in Ghana, has faced some hardships with her business during the pandemic, but is hoping a future loan will help her.
Many small businesses have faced incredible difficulties when the coronavirus pandemic hit, and many of them have been forced to close shops or furlough employees. This is the same for Wright, who has had to cut 80% of her revenue and furlough her employees.
She has applied for for a loan many times and was never granted the relief. However, a small bank has finally approved her for a loan, meaning that her business will be able to survive for another three to four months, and bring back about 60% of her employees.
While things look to be getting a little easier, at least for the foreseeable future, this doesn’t completely erase all concerns, concerns that are even with the businesses that are succeeding.
Marcel Benson, who started the Benson Watch Company, has seen his best year ever, which he attributes to being an online store. But even with the mass amounts of sales, the pandemic has still cut off his supply chains. If his stock were to sell out, he isn’t sure when they would get more stock in.
It’s the nature of running a small business right now; people just aren’t sure how long they can continue to fund their businesses. Experts recommend that they try and apply for any and all financial relief they can find, but even so, the uncertainty is still prevalent.
For all your business news and more, be sure to check back in here with ScoopHash.