Small businesses struggle for survival

Missy Hughes, secretary and CEO of the Wisconsin Economic Development Commission, talks about the help available for small businesses.

ON THE STATE OF THE ECONOMYDURING THE CORONAVIRUS CRISIS.NEW FIGURES SAY 16.8 MILLIONAMERICANS HAVE BEEN FORCED OUTOF THEIR JOBS IN JUST THREEWEEKS.TO PUT THAT IN PERSPECTIVE, ITIS ONE IN 10 AMERICANS.HIS MISSES, ESPECIALLY SMALLBUSINESSES ARE TRYING TOSURVIVE.GOVERNMENT AT ALL LEVELS ISRACING TO PROVIDE HELP.TODAY, WE ARE LOOKING AT THEHE AVAILABLE IN WISCONSIN.WE ARE TALKING TO MISS HUGHES,SECRETARY OF THE ECONOMICDEVELOPMENT COORDINATION.I WAS READING THAT HALF OF SMALLBUSINESSES COULD CLOSE IN TWOMONTHS.THAT’S ACCORDING TO THE NATIONALRATION OF INDEPENDENTBUSINESSES.WE WANT TO KNOW WHAT IS THESTATE OF SMALL BUSINESSES INWISCONSIN?MISSY: IT HAS BEEN REALLYINCREDIBLE TO WITNESS.WHAT W HAVE SEEN IS A TIDALWAVE COME ACROSS THE STATEHITTING OUR BUSINESSES.WE STARTED OUT WITH THE FIRSTORDER THAT REQUIRED NO LESS THAN50 PEOPLE GATHER AT A TIME, ORNO MORE THAN 50 PEOPLE.THEN WE WENT TO 10 AND THENSAFER AT HOME.WE HAVE SEEN THIS IMPACT ON OURBUSINESSES, FIRST PERFORMANCEVENUES, RESTAURANTS AND CAF,AND NOW WE SEE SMALL BUSINESSES,WHETHER IT IS DUTY SALONS ORRESTAURANTS NOT BEING ABLE TO BEOPEN AND IT HAS HAD ADEVASTATIN IMPACT ACROSS THESTATE IN ALL OF OUR COMMITTEES.ADRIENNE DO YOU HAVE A HANDLEON HOW MANY SMALL BUSINESSESWON’T SURVIVE THIS?MISSY: I AM HEARING NUMBERS LIKEWHAT YOU JUST REFLECTED JUST ONEOUT OF TWO.A LOT OF WHAT I’M HEARING IS ATIME FRAME.IF IT GOES ON FOR ANOTHER 30DAYS, ANOTHER 60 DAYS, WE WILLSEE MORE CASUALTIES FROM THISSITUATION.THERE IS A LOT OF DATA HAPPENINGAND WE ARE SEEIN, WHAT I’MHEARING IS THE PERSONAL STORIESAND TALKING WITH SMALLBUSINESSES AND HEARING ABOUT THECONCERN THEY HAVE FOR THEIREMPLOYEES, THE CHALLENGES THEYHAVE OF NAVIGATING THE FEDERALSTIMULUS COMING IN, AS MUCH ASTHAT SEEMS, IT’S STILL ACHALLENGE TO NAVIGATE IT ANDFIND YOUR WAY THROUGH THE BESTCHOICES.THERE ARE A LOT OF CHALLENGESFOR BUSINESSES RIGHT NOW.ADRIENNE WHAT IS THE LASTINGIMPACT OF ALL OF THIS ON OURSTATE?MISS AS WE THINK ABUT THEQUALITY OF LIFE THAT WE SO VALUEHERE IN WISCONSIN, A LOT OF THATHAS TO DO WITH THAT ALMOSTINVISIBLE FABRIC OF BUSINESSESWE HAVE -- INDEPENDENTCONTRACTORS, FOOD CARTS, SMALLCAFES, EVERYTHING WE ALMOST TAKEFOR GRANTED AND THE WILLINGNESSOF THESE BUSINESSES TO GO OUTTHERE AND BE ENTREPRENEURS ANDPUT THEIR FAMILY SAVINGS ON THELINE, WHAT WE ARE SEEING IS THEDISINTEGRATION OF THAT UNLESS WESTEP IN AN FIND INNOVATIVE,CREATIVE WAYS TO MAKE SURE WESUPPORT THEM AND GET THETHROUGH THIS CRISIS.ONE OF THE THINGS WE ARETHINKING ABOUT IS HOW DO WE HELPTHESE BUSINESSES OPEN THEIRDOORS WHEN THE TIME COMES?GOD WILLING, AS MY DAD WOULDSAY, IN THE NEXT FEW WEEKS, IFWE ARE ABLE TO START REOPENINGBUSINESSES, THEY ARE GOING TONEED TO BUY INVENTORY, FLOATPAYROLL MEDUSA MARKETING TO NET-- TO LET THEIR CUSTOMERS KNOWTHEY ARE OPENING.WHAT ARE THE RESOURCES THAT CANSTART THESE BUSINESSES?I’M CALLING IT THE STARTER FLUIDFOR THE ENGINE OF THE ECONOMY.HOW DO WE BE READY TO HELP THOSEBUSINESSES AT THE TIME.ADRIENNE: WE ARE GETTING CALLSIN THE NEWSROOM EVERY SINGLE DAYABOUT PEOPLE WHO ARE DESPERATEOR CONFUSED ABOUT WHAT THEYQUALIFY FOR.HOW IS THE EDC OFFERING HELPTO BUSINESSES RIGHT NOW?MISS ONE OF THE GREAT THINGSWE HAVE IN WISCONSIN S ANETWORK OF DEVELOPERS, CHAMBERSOF COMMERCE, AND COMMITTEEBANKS.THAT NETWORK IS REALLY COMINGTOGETHER AND I URGE SMALLBUSINESSES FIRST AND FOREMOST TOREACH OUT TO THOSE NETWORKS TOHELP NAVIGATING BECAUSE THERE’SA TON OF INFORMATION COMINGACROSS AND IT’S HARD TO KNOWWHICH PROGRAMS TO ACCESS, WHATORDER TO DO APPLICATIO IN.WE ARE LEARNING AS WE GO, BUTTHAT SUPPORT SYSTEM WILL BE ABLETO HELP SMALL BUSINESSES ACCESSTHOSE FUNDS.PRIMARILY OF THE RESOURCES THATARE AVAILABLE RIGHT NOW ARECOMING FROM THE FEDERALSTIMULUS.WHAT WE ARE DOING IS TRYING TOUNDERSTAND WHERE ARE THE GAPS,WHERE ARE THE BUSINESSES THATCAN ACCESS THOSE FUNDS AND THENWE CAN THINK ABOUT HOW DO WEFILL THOSE GAPS EITHER FROM THESTATE LEVEL OR THE NEXT FEDERALSTIMULUS.WE ARE PROVIDING INFORMATIONABOUT THOSE GAPS.LACES LIKE NONPROFITS, THE ARTSCOUNCILS, AND THESE REALLYSMALL, MICRO BUSINESSES THAT ISA TERM I AM LARNING -- THEY AREUNDE BANKED.THEY CANNOT ACCESS THE SMALLBUSINESS LOANS.WE ARE TRYING TO UNDERSTAND HOWWE CAN HELP THEM.ADRIENNE MISSY HUGHES, THANKYOU.MISSY: THANK YOU SO MUCH.ADRIENNE NEXT, THE LATEST ONTHE DEMOCRATIC NATIONALCONVENTION IN MILWAUKEE.WE ALREADY KNOW