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