Small businesses with 500 or fewer employees have struggled to stay open after the Small Business Administration's Paycheck Protection Program stopped accepting applications for disaster relief on April 16.
Many small business owners that have been forced to close their doors or furlough employees due to the novel coronavirus pandemic may close forever unless congressional leaders infuse more funding into the Paycheck Protection Program.
Roughly 60 percent of the businesses surveyed had applied for the program, known as a PPP loan, with only five percent of those businesses being approved, according to the LendingTree report. A sign reading"Buy Local" with closed restaurants and shops on Main Street on April 10 in Livingston, Montana.According to the most recent data from the United States Chamber of Commerce, there were more than 30 million small businesses operating in the U.S. in 2018.Many of those small businesses—with 500 or fewer employees— such as restaurants, beauty salons, florists shops, pet groomers, plumbers, auto mechanics, provide needed community services.
Like other businesses, the Francises have applied for various grants and loans, including the PPP program, but nothing has happened.
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