Main Street looks to Congress for new lifeline as pandemic impact lingers on
As stimulus talks remain deadlocked in Washington, the situation on Main Street is becoming increasingly dire.
The window to apply for new Paycheck Protection Program loans has expired and many who have accessed loans have used the funding. As businesses operate with limited capacity due to Covid-19 restrictions, new data show many anticipate more aid will be needed or the sector’s decimation will continue.
Recent data from the National Federation of Independent Business finds that one in five businesses say they will have to shut down if economic conditions don’t improve within the next six months.
Lawmakers are considering two approaches to turn the economic tide: stimulus to encourage consumer spending and small business loans to help keep Main Street afloat, but both have been tied up in negotiations for weeks.
The survey from the advocacy group finds that 84% of respondents have used their entire PPP loan, with the remainder …continued .
[Source: CNBC News]