EVERGREEN, Colo. (CBS4)– Over the last seven years Josh Pearlman and his wife Beth have turned a small yoga studio in Evergreen into a thriving business. As with other small businesses in Colorado, the coronavirus pandemic has created a lot of uncertainty.
“Each year it continues to grow, we’ve been in the same spot and it has been a dream for both my wife and I as entrepreneurs,” said Josh.
Like many small businesses, they were forced to close their doors in March due to the pandemic and as each day passes they grow more anxious.
“All the things that Beth and I have worked so hard for, could vanish,” he said.
In order to secure a construction loan or lease a retail space, banks often require small business owners to offer personal guarantees. That means if the business fails, small business owners stand to lose everything.
“I don’t want to lose my house, I have personal guarantees on my lease, on other loans through the SBA and the fact of the matter is, I’m getting scared, this is what is now keeping me up at night,” said Josh.
The Pearlmans are ready to reopen the yoga studio with safety measures in place, but say government leaders aren’t willing to grant them permission.
“You’ll make phone calls and they’ll say, ‘Hey, let me ask this person, we’ll get back with you. No, they don’t want to give a variance,’ that’s hard to hear each and every day,” he said.
The Pearlmans qualified for the Payment Protection Program loans as part of rescue packages passed by Congress, but say restrictions on how they are allowed to use that money make it almost useless unless they can reopen.
“Things have got to change, our leaders need to understand that we will be out of business,” he said.