Shelia Hudson is a sole owner of Hudson & Associates, LLC established in 2005. The business provides Project management, operation support, planning and public relations services. Hudson & Associates, LLC specializes in parking systems, project and construction management.
The COVID pandemic and shelter in place order has taking a huge impact on the industry the business services (parking and airport management). In March of 2020 the company was contacted by all of their clients indicating that all their business services would be suspended and/or modified until further notice due to the COVID pandemic; resulting in the company having to furlough 38 of 43 employees.
The significant downturn in the parking and transportation industries related to mandatory lockdowns and halted municipal and air services has hit the business hard and fast. Although there has been a phasing to reopen, the service levels are not at 100% mainly due to cancelled contracts; modified services; and postponed procurement practices due to low air travel or callback on phased opening. In addition to existing services provided, the company was anticipating the ramp up of a new contract in spring of 2020, but it was delayed due to COVID.
Expended resources in preparation of procurement opportunities and new starts further compounded by delays and modification related to the implementation of the business major contracts did impact the company’s cost projections for 2020.
This effort along with the unexpected expenses of PPE has left the company in a position to have limited liquidity available with all other securities and guarantors having been previously leveraged to prepare for the start of the new contracts the business anticipated implementing. This put the business and Ms. Hudson personally at an economic and financial hardship.
Shelia came to Justine PETERSEN and received a loan to address all of the required modifications per above due to COVID-19. The loan was also used to cover compiled debt and overhead expenses. She also secured a PPP Loan that was used for payroll. Ms. Hudson rehired all of the staff that were allowed to return to work.
In the past Ms. Hudson obtained from Justine PETERSEN two contractor loans and a micro-term loan, which are paid in full. In addition, in 2020 Shelia secured a $51,000 Microloan from Great Rivers Community Capital (GRCC), a subsidiary of Justine PETERSEN.