PERMIAN BASIN (YourBasin) – As small businesses struggle being closed President Trump and lawmakers are on the verge of agreeing to a stimulus package that would provide more funds after those funds depleting last week.
“They’re such a huge demand for the first round of the PPP program that the money lasted fourteen days. Soon you are going to have the same rush for the additional funding that it will go away very quickly. So, unfortunately, I do believe there will be some businesses that are left without any help at all,” says Mickey Cargile of Cargile Investment Management.
As Cargile mentioned, funds are out and businesses wait to see if the new deal is passed to receive any aid.
According to Wesley Burnett, Director of Economic Development for the Odessa Chamber of Commerce, some local businesses have felt the impact of not receiving aid due to the fund’s depletion.
“To no fault of their own or their banks,” says Burnett.
Midland felt no impact, as according to Nellywn Barnett, Executive Vice President/Chamber Relations for Midland Chamber of Commerce, businesses have not reported not receiving any kind of funding.
With a new stimulus package in the works the big question remains is that, is this just a little band-aid on a big wound?
“The extend of the wound has yet to be seen. I believe as we make moves to reopen businesses in a strategic and methodological way, I think we will definitely start to bounce back,” says Barnett.
“I don’t think it’s a fix. We’ve got to get the economy back going, we got to get the people traveling, we got to get people using oil and gas again,” says Burnett, “it’s not going to get any better till people start to travel and start consumption again.”
The Odessa Chambers still working diligently and commissioned the Perryman Group to conduct a study in correlation with President Trump’s and Governor Abbott’s plan to reopen the economy.
Burnett goes on to say that it has been a slow difficult process as COVID-19 changes daily and now oil prices plummeting into the negatives for the first time in history.
“Every time we think it looks good enough to announce something out something changes,” says Burnett.
Barnett and the Midland Chamber of Commerce working with businesses and having video conference training session to brain storm ideas for businesses to adapt their model.
“We’ve done a few sessions on offering some brainstorming and idea swapping for business to be able to think outside the box and figure out how they might be able to adapt their business model,” says Barnett.
Barnett praising the resilient small business community in these unprecedented times.
With multiple reports stating an agreement has been reaching for a figure on small business relief the only thing holding back is COVID-19 testing in putting the package into action.