According to NFIB, the National Federation of Independent Business, if the financial status doesn’t recover in the upcoming 6 months, one in five small businesses might unwillingly resort to shut their shops.
Nydia Velazquez, the House Small Business Committee Chairwoman, declared last month that nearly 110,000 small businesses closed down. While another 7.5 million seem to struggle with the same issue.
With many using up their Paycheck Protection Program loans, the businesses expect a helping hand.
There is no good sign of a new stimulus in Washington and the Main Street’s situation is worsening. The post-pandemic era has wracked up many businesses.
The announcement by NFIB comes when experts and policy makers, who have long been negotiating, have two ways ahead: to grant a stimulus package or fund small businesses.