Barbara Corcoran says majority of her Shark Tank companies won’t make it through coronavirus
And in the near future things are going to get much, much worse.
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Barbara Corcoran has invested millions into companies on Shark Tank, including an investment in the two cousins from Portland, Maine who founded Cousins Maine Lobster (Photo by Adam Taylor/Walt Disney Television via Getty Images)
As progress is being made on getting the roughly $350 billion in dedicated stimulus loans and grants to small business owners around the country, Shark Tank’s Barbara Corcoran is warning that it might not be enough to prevent many beloved startups from shuttering amid the coronavirus .
Speaking to Yahoo Finance’s YFi PM on Tuesday, the investor and entrepreneur highlighted the fact that businesses she’s directly backed have already been forced to lay off between 25% to 30% of their employees in the past two weeks alone.
Corcoran said. “I have many small businesses that have been applying and [they] are having a hard time even applying for the help.”
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In her estimation, receiving government aid will only help small business owners weather the next two to three months
On top of that concern, Corcoran also said many of the business owners she consults with have reported problems in even applying for support.
That led her to question the timeline that Ivanka Trump had provided to Yahoo Finance in an exclusive interview that pegged money getting released for small businesses as early as this Friday .
Yeah, a lot of people wont be able to afford or want a lobster delivery service anymore.
Many of the Shark Tank products are fun , and I give the entrepreneurs credit for trying to strike it big, but very few of the products on that show are things people really need.
Whether or no they can survive may depend on how bad the economy gets.
Your comment raises 2 questions:
Do people really need to eat Lobster?
Isnt that one question?