Sunland ice cream truck business struggling, unable to get funds from government's Paycheck Protection Program
Like millions of small business owners across the country, a local ice cream truck company was unsuccessful getting a loan through the U.S. Paycheck Protection Program.
SUNLAND, Calif. (KABC) -- A small business owner in Los Angeles County is frustrated after applying for a government loan and receiving nothing. It's a problem so many are dealing with right now.
As we transition through spring, closer to those hot summer months, business should be booming for those in the ice cream industry.
MORE: Government small business lending program on hold after reaching lending limit
"This time of the year, April through October, I should be making minimum $30-$45,000 in gross sales." said Michael Musantry, owner of All American Softy.
Instead, Musantry says sales have plummeted with only two of his five ice cream trucks still operating amid the coronavirus crisis.
His bread and butter where he generally made most of his money wasn't from neighborhoods, but from corporate clients.
"Big businesses have closed now, corporations used to, you know, book us to give ice cream to all their employees. Almost all the private parties now are canceling," Musantry said.
That's why a few weeks ago, he applied for a loan through the U.S. Small Business Administration and its Paycheck Protection Program.
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This past week, the SBA said it processed 14 years worth of loans in less than 14 days, and the money was gone.
Musantry was hoping for $10,000.
"Nothing, it's like pulling teeth, talking to a wall, it's not happening," Musantry said.
Despite the current stress, he's confident he'll bounce back once businesses open back up.
"I've got a good feeling that when it does come back, that I'll be stronger and might have to get another truck, but in the meantime to hold down the fort is very, very difficult." Musantry said.
