The National Federation of Independent Business (NFIB) is the largest small business association. Small Employers are in crisis and half will have to shut down in less than 2 months without help. Small businesses are half of America’s economy and account for nearly half of America’s jobs. Brad Close, president of the National Federation of Independent Business, described the problem in an article in US Today.
Last Thursday, the Paycheck Protection Program — the historic small business relief initiative enacted by bipartisan majorities — ran out of money.
70% of small businesses applied the day the program opened on April 3. Within a week and a half, the PPP was nearly three-quarters gone. Most small businesses have yet to receive any money and are running into roadblocks when applying.
Just 5% of owners have not taken any action in response to the outbreak, a marked departure from more than half (52%) not taking action three weeks ago. Actions taken by most small employers are those related to recommended CDC steps to protect and prevent the spread of COVID-19 in the workplace including talking to employees about hand washing and social distancing, and disinfecting and cleaning offices and workplaces more frequently. Another 56% have scaled down or adjusted business operations, and 26% have delayed payments to creditors.
SOURCES – NFIB, USA Today
Written By Brian Wang, Nextbigfuture.com
Brian Wang is a Futurist Thought Leader and a popular Science blogger with 1 million readers per month. His blog Nextbigfuture.com is ranked #1 Science News Blog. It covers many disruptive technology and trends including Space, Robotics, Artificial Intelligence, Medicine, Anti-aging Biotechnology, and Nanotechnology.
Known for identifying cutting edge technologies, he is currently a Co-Founder of a startup and fundraiser for high potential early-stage companies. He is the Head of Research for Allocations for deep technology investments and an Angel Investor at Space Angels.
A frequent speaker at corporations, he has been a TEDx speaker, a Singularity University speaker and guest at numerous interviews for radio and podcasts. He is open to public speaking and advising engagements.