The PPP money is running out
Goldman Sachs is out with a new survey of +1,500 small businesses and the report highlights just how dependent many businesses are on government money right now.
- 84% of PPP loan recipients will exhaust funding by the first week of August
- Only 16% of recipients are very confident they will be able to maintain payroll without further government aid
- 63% of small businesses say less than 75% of their pre-virus revenue has returned
- Only 37% say they can survive another shutdown
- 91% of businesses have received PPP loans
- Survey taken July 7-8
US unemployment benefits also run out at the end of July and Congress is slow rolling further aid. Fiscal hawks are aiming to cap a new program at $1 trillion but it's tough to see how you can extend individual and business aid for long with that much; especially since there are a handful of other items on the wishlist.
