Transcript for Small businesses struggle to navigate paycheck protection program amid pandemic
Now one thing those executive actions don't cover is an extension of the paycheck protection program a lifeline for so many small businesses during the pandemic. Outs for Shea has a closer look at one minority owned small business struggling to navigate that long program. And what happens next. For Marshall Byrd and Alison McDoogle it's been in an easy last few months up just try to get Perrier this trying to make it and whether the star. They're the women behind worked choose. They rent space inside restaurants during downtime to small companies in need of work Tearrius. It's a lean business only for employees they had dozens of restaurant partners mostly across Washington DC and some in Chicago. Then the corona virus forced many to close in March it was a. Friday and Tom Cuddy and aerial thousand was the first person to make the announcement restaurants were closed I didn't know what to do after that it and I think that it may set up. I'm gonna pour a glass of wine I think he just needs to sit on. Whenever that mandate for that closed a lot of these restaurants. Happen yes went from succeed C 20. I mean that's our business right. That you started brainstorming ways to picket new services to offer they let go there intern. But nothing completely made up for the loss revenues in early April news of a possible lifeline the paycheck protection program. My shin Allison remain hopeful they believe there's a market for their business but this is it how they expected things to go. Certainly provide aid is the definition of innovation. That it is maximizing resource says that already exist. The good thing about it is is that we know that. The remote work industry is going to be growing. Now navy federal where were chew applied towards keeping key loan application says it reached out to the business multiple times for additional documentation elegant work Chu says that it complied with those requests now ABC news reach back out to navy federal and has not heard back yet. On that. Aerial. Are right at Alex as we said those loans have dried up so what can companies like work to do it to stay in business. Well I can tell you in this specific case of works you gotta an update. From them. They were actually able to get in EI DL that's an economic injury disaster loan and that helps a lot of small businesses and nonprofits we talked to some other small businesses that have had success with accelerators. But again that neither of these have the same purse strings or budgets attached to them. That the PPP did. Aerial. Alex we are thinking of all those small businesses out there hoping they stay afloat thank you so much announce we'll have much more on this story tonight at 7 PM and 9 PM eastern on ABC news live crying with Lindsey Davis. Alice we appreciate your reporting.
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