TO KEEP as many employees working as possible, independent pet businesses we surveyed have applied for the potentially forgivable Paycheck Protection Program (PPP) loan more than any other — at 62.3 percent.
The Economic Injury Disaster Loan (EIDL) came in at 54.3 percent. And several businesses shared that they applied for PPP, EIDL and other aid. Julia Rohan of Rover-Time Dog Walking Business & Pet Sitting also applied for a loan through the City of Chicago. Marcia Cram of Just Fur Pets in Springfield, VA, says, “Got an interest-only loan from my mom!” And Pennye Jones-Napier of The Big Bad Woof, Washington, DC, also applied for grants for District of Columbia businesses.
Traditional Small Business Administration loans accounted for 8.7 percent of loans applied for by respondents.
Instead of applying for loans or other aid, Karen Conell of The Bark Market in Delavan, WI, was one of the 5 percent who are relying on their current banking products and services. “We’ve always had a line of credit/overdraft protection.”
Finally, 22.4 percent say they have not taken out any additional loans during the COVID-19 pandemic. Brigid Wasson of First Street Pets in Cloverdale, CA, said “I deferred payments on a loan I already have. I don’t need any more debt so didn’t apply for any of these programs.”
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As of April 27, 139 owners and managers have responded to part two of our COVID-19 Impact Survey. Stay tuned for more results. Join the PETS+ Brain Squad to take part in surveys. To hear more from your independent pet business peers, join our Facebook Community.
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If you’re the owner or top manager of a U.S. pet business serving the public, you’re invited to join the PETS+ Brain Squad. Take one five-minute quiz a month, and you’ll get a free T-shirt, be featured prominently in this magazine, and have your voice heard on key issues affecting the pet industry. Sign up here.