Denied, deferred and ignored: 13 applications, and still no relief
In 17 years, Graceann Dorse and her husband, Christopher Webb, have built their cinematography and special effects firm, FX WRX, into a significant creative and economic force in New York, navigating natural and financial disasters along the way.
In the past month, Dorse and Webb, a cinematographer, have applied for more than a dozen grants or low-interest loans from federal, state, city and private groups. So far, they have been denied, deferred and ignored. “You can see that there’s a real skew in there,” said John Pitts, former deputy assistant director of intergovernmental affairs at the Consumer Financial Protection Bureau and now the head of policy for Plaid, a financial services firm that connects fintech apps with banks.
She and her husband have their wealth locked up in their 3,500-square-foot studio, but they have had no work in more than a month, while about $14,000 a month in rent, loan payments and expenses build up. They also know that whenever lockdown restrictions loosen, it will take them at least four weeks to get a paying client back in the studio.
At times, their accountant had them declare a salary at the end of a year for tax and planning purposes, but he had advised them not to do so for the past two years, a period in which they invested hundreds of thousands of dollars in their studio. Businesses that are denied a claim can appeal, Samantha Keitt, a spokeswoman for the Department of Small Business Services, said in an email. “If businesses aren’t qualified for our program, we are also available to provide in-depth technical assistance on the SBA loan programs,” she said.
She received an email April 7 saying the bank’s portal was ready, and she had her application submitted the next day. She heard nothing until she received an email last week saying the funds had run out.“It certainly wasn’t perfect, but it was fast,” said Everett Cook, chief executive and one of the founders of Rho Business Banking, which helped its clients quickly create the applications for the loans. “The other side of that is, expectations were set well ahead of even that speed.
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