Small businesses say time and money are running out fast

While many small businesses have benefited from short-term aid like the federal Paycheck Protection Program loans, that money was only intended to cover 10 weeks of payroll and other expenses.
Now 84% of small businesses say they will have used up their PPP loans by the first week in August, according to a survey taken last week of 1,500 businesses that participated in a Goldman Sachs’ training program.

The question is: Now what?

More than 60% of respondents to the survey said their revenue is still less than three-quarters of what it was before the pandemic.

Only 16% said they are very confident they can maintain payroll without more government relief. And just 37% said their business can survive another Covid-related shutdown.

What happens when small businesses can't pay the rent

The situation is worse for Black business owners. A third (34%) surveyed said they have seen less than a quarter of their pre-pandemic revenue return. And just 7% said they feel very confident they can meet payroll without further government relief.

A vast majority of all respondents (91%) said they would like the opportunity to get a second PPP loan.

Currently the program — which is slated to end on August 8 — is limited to one loan per business, although lawmakers are currently debating what more can be done to support different parts of the economy in a possible fourth round of aid.
The survey was part of a Goldman Sachs initiative that aims to give alums of its 10,000 Small Businesses training program a platform on which to advocate for themselves before policymakers.
source: cnn.com