Mr. Dreibelbis is 69 years old. In mid–March he shut down his Pennsylvania restaurant. He quickly fell behind in payments to vendors, rent, utilities, and payroll. He hopes to see a return of customers when he reopens this summer. He received a Payroll Protection Program loan which goes mostly to pay his staff. He still has insurance, maintenance, and other unpaid bills pilling up. Dreibelbis does not want to close the business and lose his investment or be forced to sell in a weak economy.
David Deeds, a professor of entrepreneurship at the University of St. Thomas says, “Their (retirees) time horizon is short.” He estimates that revenues for most small businesses revenues will fall up to 50% and will need to be ready for reduced income for up to three years.