Here is a great message from John Lupo, CMB at Grandma’s Bakery. Please help us share this message. Our industry will be put to the test in the coming months and we need all of our voices heard!
There has been a natural disaster. An event we have no control over. The banks and the SBA are willing to lend us money at 3.75%. – money they get from the Fed at 0%. and they will extend the term so we can spend the rest of our lives paying off the Coronavirus so that landlords, insurance companies, utility companies, etc. can be made whole as a result of this catastrophe.
While all of these companies can have their employees work remotely, our industry was ordered to close or move to curbside pickup or takeout only. Our sales are down over 50% and continue to drop each day. We are supplying hospitals, grocery stores and foodservice companies with breads and sweet goods. I agree with our Governor’s decision to shut things down but without aid, we don’t have a chance to survive. We can’t be asked to take out loans to finance and pay for the shutdown of our economy.
What we need is business interruption income. Just like the income we would get from the insurance we carry for unforeseen business catastrophes. The problem is these policies specifically exempt coverage for viruses. If the insurance industry can give us income for our actual sustained losses, and then be reimbursed by state and federal funds, we have a chance. Without that you will see the entire industry collapse.
April 1st is really the first significant date. That’s when mortgage payments, lease payments, insurance payments etc. are due. Without help, that’s when the wheels start to come off the bus. This is extremely important.
Please take the time to contact your state and federal representatives. They need to take quick, decisive action to save thousands of small businesses. Copy and paste my letter if you’d like. Just do it. -john
