Should small businesses that have been forced to shut their doors seek redress from the government?
You cannot fault companies for seeking compensation from the state in these trying times since they had been mandated to end operations. Should the coronavirus pandemic linger, many entrepreneurs expect their companies will not survive.
According to a new National Federation of Independent Business (NFIB) survey, 20 percent of small businesses will not be around if economic conditions do not improve by the new year.
The survey also revealed that about half of the companies surveyed reported a 25 percent decline since the pandemic, and about one-fifth have reported falling earnings of more than 50 percent.
Here are some other findings in relation to the Paycheck Protection Program (PPP):
– 84 percent of small businesses survey have used PPP funds.
– 47 percent revealed they are waiting for more help next year.
– 44 percent were still waiting to apply for another PPP loan.
One more thing: one-third of small business owners say that the immense unemployment benefits have made it harder to hire or re-hire employees.
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