American small businesses felt the brunt of the burden of government-mandated restrictions on operations during the Wuhan coronavirus. Thanks to diligent efforts by Senate Republicans and former President Donald Trump, a massive Paycheck Protection Program (PPP) was signed into law, serving as a lifeline to small businesses suffering from lockdown restrictions.
A new survey conducted by Goldman Sachs shows that small business owners are more concerned about keeping their doors open once PPP funding runs out.
“The impact of COVID-19 on small businesses and communities all over the world is significant. In our latest survey, 82% of small business owners expect to exhaust their PPP loan funding by the end of July and only 24% are very confident they will be able to maintain their payroll when their funding is exhausted.” (Goldman Sachs)
The same survey also spells bad news for the Biden administration. The majority of small business owners also expressed concern about inflation during the plummeting Biden economy. Eighty-two percent of respondents said they are worried about inflation, 83 percent indicated that operation costs have risen under Biden, and 48 percent have increased the cost of goods as a result of operations price increases.
Likewise, 61 percent of respondents said that they support the American Jobs Plan but only 43 percent actually believe that the package will boost their business. Similarly, 60 percent indicated support for the American Families Plan while only 39 percent said that they believe it would help their business. Finally, only 13 percent of small business owners surveyed said that the tax increases proposed by Democrats in Congress would help their business.
The Biden administration and congressional Democrats continue to face backlash for the hefty spending proposals.
