Injuries Reported, Homes, Businesses Damaged After Tornado In Gaylord

Primbondh/ June 5, 2022/ businesses

As lawmakers attempt another, final round of small-business aid, many owners and industry representatives worry they’ll be left out. These and other small-business owners around the country, including some of those most affected by pandemic-era lockdowns, have seen little financial aid from Washington over the past two years. That’s despite policymakers enacting multiple COVID-19 relief packages totaling over $5 trillion. Over the years, his Dad, his wife and his daughter have assisted him in making Bobby Brown Bail Bonds one of the most successful and well known bail bond in the country.

Making matters worse, Peck said, is that most agencies still work on a commission basis and don’t get paid by cruise lines, airlines and other suppliers until the travel they book successfully concludes. “It was the hardest day in my Adventureland career to tell these guys … we have to take a pay cut,” Gentile said, noting he and his co-owner brother reduced their own pay while pouring personal savings into the business. Thomas’ industry trade group and most others interviewed for this story are part of the Economic Bridge Coalition, which helped craft the broader approach taken in the House bill. They worry Congress will either pass nothing or go with the Senate version, leaving their businesses shut out.

AMD AMDplans to acquire data-center software platform company Pensando for about $1.9 billion “before working capital and other adjustments.” Pensando’s distributed-services platform is already in use at Goldman Sachs Group Inc. HPE,International Business Machines Corp.’s IBMCloud service, Microsoft Corp.’s MSFTAzure cloud service, and Oracle Corp.’s ORCLCloud service, all of which praised the service in AMD’s announcement. Congress also directed billions of dollars in aid to airlines in the early stages of the pandemic when the travel industry took a big hit. While travel agencies qualified for a $25 billion airline loan program, most of that funding went to the airlines, according to Eben Peck, American Society of Travel Advisors executive vice president for advocacy. Gentile’s Long Island amusement park, Adventureland, not only was closed for all of 2020 but had to open late last year because of New York’s pandemic restrictions. Greenlight lost 91 percent of its pre-pandemic revenue in 2020 and 65 percent in 2021.

Event Source lost 95 percent of its business in 2020 and had to sell its 150,000-square-foot facility where it stores and processes its rental equipment to an investor for $4 million less than what it was worth to cover a bank note that came due. He got some PPP funds but still had to take out other loans, increasing his debt load from around $100,000 before the pandemic to now more than $600,000. Business has begun to pick up, but Kirby said he’ll have to evaluate within a few months whether he can keep the business running or would be better off selling. But then the pandemic hit and his revenues were down 50 percent while his expenses decreased by only 10 percent. He went a year without adding a new resident, at one point shutting down an entire wing of his facility because of empty beds. Under that bill, the Small Business Administration is directed to steer aid first to those applicants who suffered the worst revenue losses, and among those, the SBA can prioritize aid to the smallest firms.

By the time the provider relief program’s requirements were rewritten to be more flexible, funds had largely dried up. Elehwany estimates assisted living facilities got around $1 billion, compared with roughly $30 billion in industry losses. The Senate bill would devote $8 billion to a select few industries, like gyms, buses and ferries, border area businesses, and staging, lighting, sound and other live event service providers. Real-time last sale data for U.S. stock quotes reflect trades reported through Nasdaq only. Wondering how to pick strong, market-beating stocks for your investment portfolio?

“We cannot bear to see Congress pick winners and losers again,” said Thomas, who serves as government affairs director for the Live Events Coalition. The group started two years ago to advocate for the numerous micro-industries that help run corporate, social and entertainment events. The House-passed bill would create a $13 billion industry-neutral grant program for other businesses. Competing House and Senate bills are largely focused on backfilling a depleted grants fund for restaurants, bars and other food and beverage service companies that didn’t get money in an initial $28.6 billion round last year. But other sectors hit hard by local restrictions and customers staying home would see some relief as well.

But to qualify, businesses must receive at least 70 percent of their revenue from SVOG program-eligible operators — a tough hurdle for many event support companies. Darden Kirby may have to sell his assisted living facility if business doesn’t improve soon. Dwayne Thomas is postponing his planned retirement by five years to pay off a sixfold increase in debt his events lighting company took on during the pandemic.

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