U.S. small businesses face mass closures without more pandemic aid by annsaphir and Jonnelle ReutersSmallBiz
Mary Foster prepares a product sample received from a factory overseas at Bentonville Copy & Ship that has been operating a curbside service since March in response to the coronavirus disease outbreak in Bentonville, Arkansas, U.S., July 24, 2020. Ellie Boswell/Handout via REUTERS
As the first wave of U.S. aid runs short - and landlords and lenders lose patience - lawmakers are in tense negotiations over a new round of stimulus, which could include more money for small business.Most firms have already run out of the money they secured from the $600 billion Paycheck Protection Program, according to a survey released this week from the National Federation of Independent Business, a leading trade group for small U.S. firms.
Defaults peaked at 6.35% in 2009, during the Great Recession, Phelan’s data shows. Then, U.S. government stimulus totaled less than $1 trillion - compared with $3 trillion so far since the pandemic hit.Without a vaccine to fight new waves of infection, Phelan expects double-digit rates of default in hard-hit sectors including hospitality, food service, and retail.
Similar dramas are playing out nationwide, especially in states where surges of infection are forcing local officials to tighten restrictions on businesses. Worried consumers are also choosing to stay home and spend less, data from JP Morgan credit-card purchases show. Some 44% of members surveyed recently have only enough money to operate for three months or less, Takata-Vasquez says. To help forestall a rash of failures, the Oakland organization this week launched a campaign to raise $4 million from donors to finance grants to local firms, with priority given to businesses owned by immigrants and people of color.
In Bentonville, Arkansas, Holly Thomas has lost money since February on her printing and shipping company, a family business started by her father three decades ago. She’s been paying her five employees, including herself, thanks in large part to a PPP loan of about $55,000. She’s trying not to dip into the additional $150,000 she’s borrowed from the federal Economic Injury Disaster Loan program.Revenue for this year through July 24 is down 35% compared from last year.
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