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Even With PPP Loans, Small Businesses Face a Tough Road Ahead

A new report from Biz2Credit shows that small businesses took a substantial hit to their revenues during COVID-19.

By Frank Ready | August 06, 2020 at 02:11 PM
Empty small local bar and restaurant in Oaks, Penn., March 27, 2020. Empty small local bar and restaurant in Oaks, Penn., March 27, 2020. (Source: Shutterstock)

Even with assistance from the Paycheck Protection Program (PPP), it appears that many small businesses and restaurants were hit hard by the COVID-19 pandemic. A new Small Business Financial Health Survey published earlier this week by Biz2Credit indicated that those enterprises will likely continue to have a rough road ahead of them as they adapt to the lingering virus.

Most businesses have already suffered a steep toll in the battle against COVID-19. Among the 300 small business owners surveyed who received funding from the PPP, 60% indicated that they were closed for part of 2020 due to the pandemic. Those same businesses experienced an 87% drop in revenue compared to 2019. Companies who remained open, on the other hand, only saw an average decline of 13%.

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