Entrepreneurship

As the Paycheck Protection Program neared its expiration, Small Business Majority surveyed its national network of small business owners to better understand how businesses have benefited from PPP. The survey reveals a majority of small businesses have received a PPP loan, but many are still struggling with their overhead costs and will likely be forced to lay off their employees again once their funding runs dry. This is particularly true for small businesses owned by people of color. 

Small Business Majority surveyed its national network of small business owners to better understand who has benefited from the Paycheck Protection Program (PPP) created by the CARES Act, and to shed a light on their concerns with the program. The survey reveals a strong majority of small businesses have applied for a PPP loan, but most are worried about having the loan forgiven. 

From stock market dips to shuttered storefronts, it’s no secret that the COVID-19 public health crisis has put too many businesses on the brink of collapse. Our network of 65,000 small businesses have painted a dire reality of what they are facing throughout the crisis, which has elevated the need for government officials to better understand the challenges faced by our nation’s entrepreneurs.

It’s no secret that California has been hard hit by the spread of COVID-19, with a vast 2.7 million applying for unemployment in the past four weeks, and the impacts have been particularly severe on small businesses that have seen their revenues take a nosedive overnight. With the economy on pause, Main Street has been left to cope with how to stay afloat during this unprecedented time.

It’s no secret that the spread of COVID-19 around the country has already had a devastating impact on small businesses. With the economy on pause and uncertainty gripping communities across the country, Main Street has been left to cope with how to stay afloat during this unprecedented time.