- July 14, 2021
- Posted by: Stratford Team
- Category: Business
CNN Business profiled a number of them over the past year and a half, and checked back with a few to see how they are faring today.
GYM Sportsbar owner Rick Schmutzler was doing quite well before the pandemic, running three successful, profitable gay sports bars in New York, Fort Lauderdale and Los Angeles.
But today he is down to two locations, and is carrying more than $600,000 in debt thanks to back rent, an economic disaster loan from the Small Business Administration and a New York small business loan.
And all that is after having gotten two Paycheck Protection Program loans for each location — which he described as “lifesavers” and which he expects to be fully forgiven.
“These past 16 months have been a lot. … As the founder of the business, I am the head cheerleader. So while I was trying to keep a really public positive face, there were a few times I wasn’t sure all three of the businesses would survive. Or any of them,” Schmutzler said.
He…