1 in 5 WI small businesses say conditions need to change or they are toast!
September 16, 2020
Somethings gotta give!
A new report claims that 32% of Wisconsin small business owners said extra Unemployment Insurance (UI) benefits made it harder to hire or re-hire workers. Also, many of the small businesses that applied for Payment Protection Program (PPP) loans need more cash in order to survive! Talk about needing a life line!
Key findings from the survey include:
Most PPP borrowers (84%) have now used their entire loan. Almost half of PPP loan borrowers (47%) anticipate needing additional financial support over the next 12 months.
Sales levels for small businesses remain at 50% or less than they were pre-COVID sales levels for about one-in-five employers.
The CARES Act provided additional financial assistance of supplemental unemployment insurance benefits through July 31. The program presented a significant challenge to some small business owners.
Lately, many small businesses were running scared as the threat of legal action is a serious concern for 21% of owners and a moderate concern for another 34% of owners.
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Take a look at our other articles about the CoronaVirus Vaccine or read our poll results. We asked, TRUMP of BIDEN, who’s better for the economy? You might be surprised by the results!