As the president and owner of construction-service provider C.R. Services, and the founder of community organization BmoreLatina, I am in the fight for upward mobility for the long haul.
Unfortunately, the coronavirus has been a wrecking ball on my business. Since the outbreak began, my residual revenues have declined by about 70%. The only way I’ve been able to survive is by pivoting to the new business of disinfecting coronavirus-contaminated office spaces — cleaning fire stations and federal buildings in Washington, D.C.
To keep my business running in the long term, I have applied for a loan from the Paycheck Protection Program — the centerpiece of President Trump’s economic relief efforts. Under PPP, businesses with 500 or fewer employees can borrow money for critical business expenses, including payroll, interest on mortgages, rent, and utilities. The loans are fully forgiven if they are used to keep all staff employed and partly forgiven if they are used to retain a portion of employees.
The need for the funds has been great, as the initial $349 billion set aside for the program was drained after two weeks. About 1.6 million businesses were approved during that time, but many other businesses (including mine) were left out in the cold. The Trump administration recognized the problem early on, requesting more funds, only to be met with obstruction from some leaders in Congress.
Thankfully, after weeks of negotiations, the Trump administration and Congress reached an agreement on an additional $311 billion toward the program. Since Trump signed this extension into law on Friday, the government has been able to resume reviewing and accepting loan applications.
The administration’s dedication to small businesses during this pandemic is not just a fight for brick-and-mortar businesses — it’s a fight for the blood, sweat, and tears of 47% of the domestic workforce. Blue-collar businesses and small businesses alike are the bread and butter of our communities, and their health reflects the well-being of our country.
The sooner PPP funds are disbursed, the less severe the economic fallout will be. Already, more than 22 million people have filed for initial unemployment claims, an all-time record. This will likely have longer-lasting negative effects on people’s quality of life than can be quantified in the short term.
In particular, entrepreneurs of color and women-owned businesses are struggling to keep their employees on the payroll. Jovita Carranza, the administrator of the U.S. Small Business Administration, pointed this out when she said that “the impact of this pandemic” is “disproportionately impacting the underrepresented communities.” As vice chairwoman of the Maryland Hispanic Chamber of Commerce, I see this struggle firsthand, and it breaks my heart.
To sustain minority communities, we need to make the economy a top priority, even with the public health emergency. The economy and public health are not in conflict with each other. They go together, as the private sector represents a livelihood for most people.
Time is of the essence, though. The sooner we can get PPP loans to qualified businesses such as mine, the sooner we’ll have the cash flow to keep our heads above water. That will be great news for everyone, especially for those living in minority neighborhoods.
Corina Morga is the president and owner of C.R. Construction Services, founder of BmoreLatina, and the vice chairwoman of the Maryland Hispanic Chamber of Commerce. She is a member of the Job Creators Network, a small business advocacy group.
