A survey conducted by the National Federation of Independent Businesses (NFIB) found 75% of business owners would apply for a second round of COVID-19 stimulus funds, if it becomes available.
The survey — which was conducted from a random sample of 20,000 U.S. small business owners who are NFIB members — also found 52% of respondents said they expect they will need additional financial support over the next year.
“It is clear that Connecticut’s small business owners are going to be challenged to recover from the economic effects of COVID-19,” NFIB Connecticut State Director Andrew Markowski said. “State lawmakers should focus on good policy to help prevent small businesses from closing down.”
Funds small businesses received through the federal Paycheck Protection Program appear to have carried them for a time, but 19% of borrowers say money has run out and they anticipate laying off employees in the next six months.
According to the survey, about 90% of respondents already spent all the PPP money they received, and are ready to apply for loan forgiveness. However, only 26% of borrowers have applied for loan forgiveness, and 39% say they’re ready to apply, but their bank is not yet accepting applications.
About a third of small business owners said their sales are back to pre-pandemic levels, but about 20% said sales are still down by at least half, and another 26% of respondents said revenues are down by at least a quarter. Thirty-seven percent of respondents said they expect a net operating loss this year.
“This has been a difficult year for small businesses and many of them are still struggling to survive,” said Holly Wade, executive director of NFIB’s Research Center. “Despite the current political climate, small businesses need Congress and the Administration to act on pro-small business legislation.”
