Actual P&L from a Seattle Restaurant
“Why are you still open? Pride, ego, hope… I believe the harder I work the more successful I will be”
- They lose more money staying open than closing down
- From March through May, they are on track to lose more than $30K (how many small businesses have that kind of cash sitting around?)
- Right now, they are doing $40K in sales, but they need $60K just to break even
So what about all of the COVID relief funds for small businesses? After losing $12K+ in April, Some Random Bar had to raise money on GoFundMe to make rent because their bank - and 17 others - did not have the capacity to process their PPP application.
There are lots of articles on COVID’s impact on small businesses, but it’s surreal to see the numbers and hear the story from the restaurant down the street. Please support your local businesses if you can!