Thomas Catenacci, DCNF
The Biden administration’s small business chief warned that “many more” small businesses are at risk of shutting down due to the pandemic, even as millions of Americans get vaccinated daily.
More than 400,000 small businesses have closed, and “many more are at risk,” Small Business Administration (SBA) head Isabella Casillas Guzman told the Associated Press on Monday. The SBA is gearing up to make many changes, but will focus on its coronavirus relief policies in the near term, Guzman added.
“We’ll be looking at our overall programs to see a path forward for small businesses,” Guzman told the AP.
Meanwhile, millions of Americans continue to receive vaccinations on a daily basis, according to Centers for Disease Control and Prevention data. As cases have decreased over the last two months, states have eased economic restrictions, allowing businesses to reopen, The New York Times reported.
Many small businesses have already been crushed due to the coronavirus pandemic. Small business revenue has plummeted 30% and the number of open establishments has decreased 32% as of March 12 compared to January 2020, according to Harvard University’s Economic Tracker.
An industry report last month found that nearly half of all small businesses were at risk of closing based on expected revenue and expenses.
“Customer confidence in their future cash flow is low right now,” a small business owner told Alignable, which issued the report. “And so discretionary spending, which our business is based on, is significantly restricted. We need customer confidence to elevate to bring them back and make them feel comfortable spending their money.”
Since the start of the coronavirus pandemic, SBA has approved more than 7.5 million Paycheck Protection Program (PPP) loans. The agency has doled out more than $687.3 billion to small business owners as part of the program.
President Joe Biden created a 14-day exclusivity period from Feb. 24 to March 9, where only the smallest businesses and nonprofits could receive PPP loans. The exclusivity period was among a series of changes to the program that the Biden administration has implemented.
For licensing opportunities of our original content, please contact email@example.com.
DONATE TO BIZPAC REVIEW
Please help us! If you are fed up with letting radical big tech execs, phony fact-checkers, tyrannical liberals and a lying mainstream media have unprecedented power over your news please consider making a donation to BPR to help us fight them. Now is the time. Truth has never been more critical!
- Biden: Musk’s foreign ties are ‘worth being looked at’ after ‘joint acquisition’ of Twitter with ‘other countries’ - November 10, 2022
- With Republicans poised to take back the House, a key opportunity to reverse Dems’ insanity emerges - November 9, 2022
- Elon Musk offloads nearly $4 billion in Tesla stock as shares continue to tank - November 9, 2022
We have no tolerance for comments containing violence, racism, profanity, vulgarity, doxing, or discourteous behavior. If a comment is spam, instead of replying to it please click the ∨ icon below and to the right of that comment. Thank you for partnering with us to maintain fruitful conversation.