WRIGHTSVILLE, N.C. (WECT) - The federal Paycheck Protection Program ran out of money leaving many small business owners in a bind, wondering why others received help and they did not.
“It’s disheartening it’s frustrating and sad," said Jim Radle, Owner of 22 North.
Some of the shops in Wrightsville Beach are closed, 22 North and Red Dogs applied for the Paycheck Protection Program loan. But no luck.
Radle said his paperwork was in on time, but Bank of America overlooked it. He believes that’s why he missed the opportunity before the money dried up.
“I’ve always been able to take care of my staff and now because of being shut down, that’s all been taken away from me and my hands are tied,” said Radle. “We were hoping this PPP was going to be what saved myself and my employees and that was taken away from us as well.”
Red Dogs is in a similar situation. Shut down and struggling to pay employees, but hoping for a saving grace. Like many others, it’s not only about making payroll, they’re nervous they won’t be able to weather the storm without the help.
“We still have all the bills coming in, we still have rent, we still have insurance," said Anna Brothers, Co-owner of Red Dogs. "So, we have all the bills we have to pay for the business but we have no money because we’re not open so it puts us in a hard position. Pretty scary because once everything is re-open, we want to be able to reopen and not be bankrupt.”
On the other hand, Keith Norris owns Vito’s Pizza and C- Street near midtown. He secured a PPP loan to keep some staff employed and he’s now looking to begin offering curbside service.
“We had to change our model and not having any money to explore our options, we would have stayed closed, said Norris. "With this money we will be able to do what many of the restaurants were capable of doing right off the bat. So, it makes me feel good that I can keep paying these people.”
There are similar stories everywhere of businesses either still needing help from or being saved by the Paycheck Protection Program. The government has said the program for now is out of funds, but they’re working on a new package that would provide $250 billion more in PPP loans.