As many as 14% of small businesses may lay off workers when their PPP loans run out
- As many as 14% of small businesses anticipate having to lay off workers when their PPP loans are exhausted, according to a survey released Tuesday by the National Federation of Independent Business.
- Economic conditions have improved as US states reopen their economies. Still, “those businesses hardest hit by the crisis will likely need additional help,” NFIB analysts wrote in the survey.
- As many as 56% of small business owners said they will need less than $50,000 to support operations in the near-term, while one in four anticipates needing more than $100,000, according to the survey.
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A group of businesses that have received loans through the Small Business Administration’s Paycheck Protection Program said they may have to lay off workers after using the loan, according to a new survey.
As many as 14% of PPP loan borrowers anticipate having to lay off employees after the funds run out, according to Tuesday survey from the National Federation of Independent Business.
Of those that may reduce their workforce, about half expect to lay off one or two employees, according to the report. About 12% said they will likely lay off 10 …continued .
[Source: Business Insider]