Portnoy's Barstool Fund saves NJ beer and soda outlet: It 'couldn't have come at a better time'

The Barstool Fund saved another small business on the brink of failure amid the coronavirus pandemic.

Joey Mignoli, the son of the small business owner Joe Mignoli, sent a letter to Barstool Sports founder Dave Portnoy to raise awareness about the struggle his father faced.

"Joe sent a letter to [Portnoy], which we had no clue, about the concerns and the issues we were having due to COVID,” Joe Mignoli, owner of Hoboken Beer and Soda Outlet told "Fox & Friends" alongside his wife Tery.

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Joe said that he was “amazed” about Portnoy's response.

“They sent Joe a message stating they needed a video so that is when Joe contacted me and says we have to do this video. We uploaded the video and two … three days later, Dave was on the phone talking to me.”

The family-owned and operated drive-thru business has been open since 1975. But Joe said he refused to let his business crumble because of the virus.

“It’s the only thing I have ever done, it is the only thing I have ever known and it would be devastating to do anything else. I always wanted to leave on my own terms and not from a pandemic or anything like this,” he said.

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Last month, Portnoy launched "The Barstool Fund" for small businesses in need of a financial lifeline. Companies can apply via email for assistance with needs such as rent or tax payments, so long as they have continued to pay their employees throughout the pandemic.

The fund, which Portnoy began with his own $500,000 contribution, has become a viral sensation. Speaking to FOX Business' Stuart Varney on Wednesday, Portnoy pointed out some of the big-name contributors of the fund, which include NFL superstar Tom Brady, Food Network host Guy Fieri, and musician Kid Rock. It has helped more than 100 small businesses so far.

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Tery went on to say that the fund will help their business “tremendously” and it "couldn’t have come at a better time."

FOX Business' Talia Kaplan contributed to this report.

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