BIZNOTE: Pegasus Book Exchange crowdfunding to cope with PPP delay

(Photo courtesy Pegasus Book Exchange)

Thanks to Sue for the tip. Pegasus Book Exchange in The Junction has a crowdfunding campaign going – not the first local independent business to try one to survive the COVID crunch, but the first that we’ve heard of citing this reason: The lifeline promised by a PPP (Paycheck Protection Program) loan has been dangled for so long, they’re out of personal bridge funding:

We got the PPP2 loan, which was going to cover our payroll until we can all get vaccinated and open to in-store shoppers again! Hooray! Right?

Except…the bank has been telling us we will have the money “soon” for over a month now. :( In the meantime, two paydays have come and gone, and the only way we made it through was by me (Emma) and the owners (Fred and Lanthe) loaning Pegasus money, as well as not drawing our own pay. We just can’t do this again. :(

Our landlord has been flexible and we’ve reduced our new book inventory, but payroll is by far our largest expense. No reduction of expenses is going to even remotely touch what we need to pay our employees.

The Pegasus team explains further on the donation page. Not a Pegasus customer? You can learn a bit about the shop’s backstory in this 2019 story.

29 Replies to "BIZNOTE: Pegasus Book Exchange crowdfunding to cope with PPP delay"

  • helpermonkey April 6, 2021 (10:59 am)

    Donated!!! Pegasus Book Exchange is super important in our community. I hope those who can will donate to help them stick around, and I am looking forward to also shopping in person soon!     

  • artlore April 6, 2021 (11:31 am)

    I Love this bookstore — happy to contribute! We need to keep businesses like this going, so be generous, West Seattle!!!

  • Michelle April 6, 2021 (11:43 am)

    Donated! Pegasus is such an integral part of our community and a supporter of so many other local businesses. Up and down the peninsula, Pegasus staff are so beloved. The PPP2 rollout is so slow for everyone and I hope everyone gets their funds soon!

  • Also John April 6, 2021 (11:47 am)

    Donated!   For me Pegasus Book Exchange is the heart of the Alaska Junction.  

  • Mrs. A April 6, 2021 (12:06 pm)

    Donated!!  Selection is awesome, staff are awesome and they treat their customers very, very well.  When my now 13-year-old son was 4, he came in with a lightsaber to find Star Wars books, and a staff member “fought” him with a broomstick.  We love you guys!!

  • Elaine April 6, 2021 (12:20 pm)

    Donated!  Pegasus Books is a West Seattle treasure…

  • JM April 6, 2021 (12:47 pm)

    I am all for supporting Pegasus and one other way in which I have been supporting them is to order books on the Pegasus website through bookshop.org. A portion of the sale  goes directly to Pegasus. By ordering through bookshop.org and NOT amazon you are directly supporting your independent bookstore. It is critical now more than ever that we support our independent bookstores that enhance our local communities.   

    • CAM April 6, 2021 (2:53 pm)

      In addition to that, they also have monthly book subscriptions now for a new book every month in different genres. 

    • pessoa April 6, 2021 (3:10 pm)

      Great suggestion that many of us can agree on.  Btw, Powell’s in Portland made a decision not to sell books on Amazon;  I wish other bookstores could do the same.  

  • Sillygoose April 6, 2021 (12:55 pm)

    Get Jesse Jones on it!!

  • DumplingGirl April 6, 2021 (1:08 pm)

    Donated! Thank you for letting us help. Hang in there!

  • CarDriver April 6, 2021 (1:54 pm)

    WSB. Do you know of any other Junction business’ that need help like this?? I donated here are would help others!

    • WSB April 6, 2021 (2:56 pm)

      This is the first one we’ve heard of in a while – and we heard because reader Sue emailed (we subsequently contacted Pegasus to confirm). The West Seattle Junction Association continues its longrunning Small Business Relief Fund through which you can donate and, if you choose, identify a specific business you want to help.
      http://wsjunction.org/blog/#post-24348

  • WSOwl April 6, 2021 (2:48 pm)

    Donated (every lit bit helps). Good luck!

  • R2 April 6, 2021 (3:20 pm)

    I’m glad they asked, and I’m happy to help! I’ve been wondering how they’re holding up through all of this. 

  • newnative April 6, 2021 (4:14 pm)

    100%+ has been reached! 

  • invalidsyntax April 6, 2021 (5:47 pm)

    I’m thrilled for the opportunity to support these folks. Long may their
    dust-jackets grace West Seattle. (Or something like that. It’s probably a
    good thing that I’m not a writer, huh?)

  • Ann April 6, 2021 (8:04 pm)

    Just donated & happy to do so!! Excited to see they’ve more than surpassed their fundraising goal!!!!

  • Randy April 6, 2021 (8:08 pm)

    Thanks for this (and many others!) tip. We really value Pegasus and the staff and service and all them books! Glad to help!

  • Derek April 6, 2021 (8:41 pm)

    Does Pegasus have a good crit theory section or any good leftist political books?

    • Pessoa April 6, 2021 (9:39 pm)

      The usual smattering of subversive stuff, Chomsky et al.  

      • Derek April 7, 2021 (10:15 am)

        Thank you! I’ll check them. Still new-ish to West Seattle. I love Chomsky style poli sci books. I donated to Pegasus’s crowdfunding effort. Always here to support bookstores. Seattle has many good ones. 

    • CAM April 7, 2021 (12:18 am)

      Send them an email telling them what you want and they will tell you if they have it, or what they have on the topic. https://www.pegasusbookshop.com/order/

  • cid April 7, 2021 (8:02 am)

    Donated….so happy to see others stepped in quickly too! 

  • Love this Community April 7, 2021 (8:34 am)

    I donated! Happy to give, even though they have more than surpassed their goal. I know the monies will be put to good use in their future, that I hope remains in the heart of our Junction & community forever! Looking forward to stepping in store in person some month soon. Thank You Pegasus, and the INCREDIBLE STAFF!!

  • ACG April 7, 2021 (9:20 am)

    Thank you WSB for publishing this. Wouldn’t have heard about it otherwise and was happy to help and donate. Keeping the Junction full of diverse types of small- business owned shops is so important. Thank you to everyone else in the community who donated also!

  • Dan April 7, 2021 (9:22 am)

    I wonder if they would allow me to donate my store credit in some form? I think I have $100 that I’d happily give back to them

  • Kadoo April 7, 2021 (11:41 am)

    Happily donated! Pegasus Books is a treasure. 

  • Pegasoid Eric April 8, 2021 (10:54 am)

    Thanks to everybody who contributed during this campaign! We truly needed this and are astonished by how much y’all continue to support us, tears of joy from all of us. All of us have had (at least) our first vax and are eagerly awaiting re-opening sometime soon, please keep posted for updates. Even if you were not able to donate, we appreciate your patronage these last 40 years, here’s to 40 more! 

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