Virus Relief Was a ‘Bridge to Nowhere’ for Sports Apparel Maker
Rescue loans helped millions of small firms stay afloat in the U.S. Now funds are running out, Covid-19 cases are spiking and business activity isn’t picking up.
Screen printing masks is one way that Bimm Ridder Sportswear is able to pivot some of their business.
Photographer: Kathryn Gamble/BloombergGary Ficken got a $235,000 small-business relief loan in April that let him rehire the 27 workers he furloughed a month before from his sports apparel company, with hopes the money would last until the pandemic eased.
By early June, Ficken had spent most of his funds from the Paycheck Protection Program. But professional baseball and other sports teams hadn’t yet resumed play, slowing revenue to a trickle at Bimm Ridder Sportswear, whose ball caps and apparel are sold at stadiums. He was forced to furlough most of his employees again, leaving him with a pang of frustration.