WCIV-TV
April 7, 2020
by Rachel Ellis
COLUMBIA, S.C. (WCIV) — A voice for local businesses in the Palmetto State says the COVID-19 stimulus package rollout has been abysmal. ABC News 4 spoke with the South Carolina Small Business Chamber of Commerce and a Lowcountry restaurant owner who’s also frustrated.
A co-owner of locally owned Yo Bo Cantina Fresca said he hasn’t received any money from the stimulus package yet and explained that it has been a miserable process.
As the restaurant stays open for take-out business, co-owner Nick Powers said there is a feeling of panic. He explained that “it’s like running a firehose into a garden hose and the garden hose is kinked.”
It’s how he described the COVID-19 stimulus package rollout. Powers said the entire process was poorly planned and that no one knows what is going on with it.
“I think politicians, business people, and the SBA, don’t communicate together very often. So to initiate something like this is massive,” said Powers.
Frank Knapp, the President and CEO of the South Carolina Small Business Chamber of Commerce said, small businesses are the backbone of our economy and the process needs to be sped up.
“It’s essential that the federal government invest money in small businesses to keep us alive so we can get through this. And we can regenerate the economy,” said Knapp.
Knapp believes the rules of the loan need to be more clearly stated.
“They didn’t write them very well. Small businesses couldn’t understand them. The banks didn’t have enough guidance. It has really gummed up the works. And then of course on top of that, technology fails,” he said.
In the meantime, Knapp said small businesses need to adjust.
“They are going to have to just cut their costs as much as they can to survive. They obviously have to lay off their employees. They have to try to cut back on any other expense that they have.”
Despite it being a long road ahead, Yo Bo’s owner believes the stimulus package is a good thing for small businesses.
“The economy was running fantastically. And there’s this hype ditch being created. Let’s fill the ditch with the money that would have been there so when we turn the lights back on, we can go back to where we were and we can keep on sailing,” said Knapp.
The South Carolina Small Business Chamber of Commerce said to call a local representative if you are a small business owner dealing with similar issues.
Congressman Joe Cunningham voiced his concerns for Lowcountry small businesses and workers already. In a press release, he asked for clarity in the paycheck protection program and for additional guidance for PPP lenders to provide these loans to all eligible businesses.