New federal stimulus aid for small businesses means little for two local entrepreneurs

The day Chris Costoso had feared a lot lastly got here final month.

He was pressured to close down his pictures enterprise and switch over the keys to his storefront studio.

After practically 5 years in enterprise, that studio had grow to be part of him, he stated.

In some instances, Costoso’s pictures chronicle some {couples}’ lives collectively — from engagement, to wedding ceremony, and finally, to household portraits.

“Handing during the last key to the [building] proprietor was simply horrible,” Costoso stated. “I didn’t suppose it could harm a lot however as a small entrepreneur, I’ve put every little thing into my enterprise and watched it flourish till one thing out of my management ended it so shortly.”

Ashlee Rezin Garcia/Solar-Occasions file photograph

On Sunday, President Donald Trump signed a $900 billion pandemic relief package lauded to assist folks, however Costoso stated for him, it’s “too little, too late.”

“This newest stimulus doesn’t even matter to me at this level. It’s no matter. I imply, I’m already shut down,” Costoso stated. “I can solely depend on myself to make one thing occur and to convey some form of revenue in.”

The most recent COVID-19 aid package deal would put $284 billion back into the Paycheck Protection Program, which presents forgivable loans to small companies to maintain their workers on payroll throughout the pandemic. Parts of that will probably be devoted to minority-owned companies and corporations in low-income areas.

An extra $20 billion would additionally go towards small enterprise grants.

The $2.2 trillion CARES Act, handed in March, created the PPP program; that first spherical of support finally reached $669 billion.

Costoso utilized then however by no means acquired any support. At this level he feels each the federal and native authorities have let him down.

Ashlee Rezin Garcia/Solar-Occasions file photograph

Companies like Costoso’s that didn’t have robust relationships with the banks dealing with the PPP loans have been left adrift, he believes. In Illinois, 12% of companies and nonprofits getting loans from the PPP program accounted for 74% of the cash — meaning bigger employers benefited the most.

Costoso stated he did every little thing to maintain his enterprise afloat. He dropped the worth his photograph shoots from $650 to simply $100 to generate some form of revenue to pay his lease on his dwelling and his storefront, however he nonetheless fell too far behind.

And with social media hyper-politicized throughout the presidential marketing campaign, it was troublesome to make use of these platforms to market his enterprise on-line.

“Individuals are not searching for a brand new photographer and they’re targeted on the information with coronavirus, civil unrest, the elections after which these difficult the election outcomes,” Costoso stated. “A lot of our promoting and advertising and marketing on Fb was simply getting ignored or washed away.”

Quentin Love, proprietor of Turkey Chop at 3506 W. Chicago Ave., additionally acquired no PPP help, or another federal assist concentrating on small companies.

And regardless that income at his West Humboldt Park enterprise has dropped by 75% within the final 9 months in comparison with final 12 months, Love has no intention of making use of for the brand new spherical of PPP loans.

“It’s high-quality, as a result of I don’t stay my life ready for somebody to assist me,” Love stated. “I’m not relying on it. I’m simply transferring ahead, revolutionary methods to maintain my enterprise alive.”

That doesn’t imply Love isn’t dedicated to serving to others in West Humboldt Park throughout the pandemic.

Anthony Vazquez/Solar-Occasions

Love stated he is aware of some companies have needed to shutter throughout this time however hesitates accountable the federal government.

“We’re all making an attempt to determine this factor out and all of us are struggling. … There isn’t a single particular person on the market that hasn’t misplaced one thing,” Love stated. “The federal government has been impacted, now we have misplaced family members and other people we care about. However actually, what else can we do? That is larger than how a lot cash is offered. I don’t stay my life round that.”

One factor these final 9 months has taught Love was the right way to be revolutionary. He stated he has collaborated with city farms to assist reduce prices. And when he couldn’t afford employees, he introduced in volunteers so he might give them hands-on expertise within the culinary subject and train them how his enterprise works.

“I realized to evolve and actually realized to be faster on my toes,” Love stated. “We’re nonetheless in enterprise, we’re nonetheless alive and we need to see everybody on the opposite facet of this factor. As a result of even in loss, we’re successful — so long as we’re alive.”