I am a small business owner in NYC. My business is currently shutdown. I run/ran a hospitality-based company.
This is my story.
TLDR: My business Bank didn’t accept applications for Paycheck Protection Program prior to funds running out. Business interruption insurance doesn’t cover us because “f*ck off”. Personal insurance doesn’t cover loss of use for the apartment I pay an insane rent, see also “f*ck off,” It’s hard to see how many small (or large) businesses could be in a spot similar to when the market was trading at these levels.
Day -1: Paycheck Protection program comes out the next day. My bank says be on the lookout for PPP application online. Maybe 3 am maybe 9 am. I stay up all night waiting, portal never opens.
Day 1: After no sleep and noon on first day of applications my bank says it will be open by tomorrow no worries things won’t run out of money
Day 3: Its Monday so IT geeks will get the site up and going for the bank. Nope, send another email and banker says just one more day, don’t worry.
Day 7: Its been one week since PPP opened, I send an email every day, bank sends an email back every day saying just one more day no worries.
PPP Runs out of funds: Bank Portal never opens, I ask business banker in email what I should do since they never allowed me to submit an application. Business bankers stop responding. Not their problem. I am the idiot who only had a few million in their bank accounts so I deserve to f*ck off.
Business Interruption Insurance company: Sorry for the whole coronavirus thing but this isn’t covered in your policy because page 2,734 where it says F*ck Off. Thanks for your insurance premium.
Personal Renter Insurance- “I see you have a policy that covers loss of use for your apartment that you pay extra for. That’s cute, but this doesn’t cover you. F*ck off.”
Personal Apartment- Pay us rent or we sue you. Thanks for understanding
More of the same from other business owners: I hop on weekly zoom calls with other NYC business owners. More of the same. We should all f*ck off.
With all that is going on it is hard to reconcile the current levels of the market with what is going on day-to-day in business.
Maybe I don’t get it. Maybe I’m in a worse spot than most. Or, maybe i’m just an Idiot. But I can’t be the only one.