WASHINGTON - Yesterday, the National Federation of Independent Business released the latest in a series of surveys on the small business impact of COVID-19. While the Paycheck Protection Program (PPP) has helped, most respondents have used all loan funds and indicate they will need help in the future.
- More than half expect they will need additional financial assistance in the next year.
- Three in four would apply or consider applying for a second round of PPP loans.
- 20 percent report that they will have to close if the economy does not improve over the next six months.
In mid-September, House Committee on Small Business Ranking Member Steve Chabot (R-OH) introduced H.R. 8265, which would reopen the Paycheck Protection Program to new and second-time applicants, expand the list of forgivable expenses, and allocate $25 billion in remaining funds for businesses with 10 or fewer employees. If 218 Representatives sign the discharge petition led by Rep. Jaime Herrera Beutler (R-WA), the House would be forced to consider the bill.