Small Businesses Using Private Money During Coronovirus Crisis, Study Finds


According to new findings published on Thursday, a third of small businesses rely on personal funds to live during the coronovirus epidemic and subsequent economic lockdown.

A report by CreditCard.com found that 35 percent of small business decision-makers said that either they or the owners of their businesses used their own funds to avoid a business crisis. This includes 24 percent who say they or the owners used a personal credit card and 21 percent have used a personal savings account since March.

US Jobs has confirmed that Pollard will continue to participate in the finals.

Nonetheless, small businesses turned to other resources during the virus outbreak: About 30 percent of respondents said they obtained and received loans through a taxpayer-funded $ 670 billion paycheck protection program. If at least 60 percent of the money goes toward maintaining payroll, the federal government will forgive it, essentially turning it into a grant.

Another 24 percent said they obtained cash from business savings cards, while 20 percent used business credit cards for financing. Another 9 percent said they took a different type of loan, the study found.

Get from here that you came here before that time

But small businesses said they needed more financial support to ensure their survival: About 53 percent of small business decision-makers said they needed more sales or other ways to help them stay in business by the end of the year Is required. Nineteen percent of respondents said they would like to see more government support.

“This is a difficult time for small businesses,” said Ted Rossman, an industry analyst at CreditCards.com. “It is commendable how ready these dedicated business owners are to go in search of their dreams. However, I worry about the debt they are taking, and how they are potentially jeopardizing their personal finances. “

The United States has remnants of $ 600 foreign currency in the form of foreign exchange reserves

Democrats and Republicans are negotiating another round of virus relief, which would likely include additional aid for hard-hit businesses. On Monday, Senate Majority Leader Mitch McConnell unveiled Republicans’ HEALS Act, which would, among other measures, be the most difficult for even the smallest business owners to obtain a second PPP loan.

Assistance under the plan will be limited to businesses with more than 300 employees, which is below the original 500-worker limit established in the CARES Act. A portion of the funds will be set aside for occupations with less than 10 workers.

“We are now beginning to see that as PPP funds are running out, some companies are once again facing the ability to retain some of their employees. And that’s why it’s time for the second round of PPP assistance, “said Sen. Marco Rubio, chairman of the St. Finance Committee, on Monday.

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