‘Many More’ Small Businesses Risk Closure, Small Business Chief Says, Even As Vaccine Distribution Ramps Up

Washington Street & Hogan Alley, Selma, Alabama
Beat Big Tech: Join Our New Telegram Channel!
Click To Go To Pro-Trump News


The Biden administration’s small business chief warned that “many more” small businesses are at risk of shutting down due to the pandemic, even as millions of Americans get vaccinated daily.

More than 400,000 small businesses have closed, and “many more are at risk,” Small Business Administration (SBA) head Isabella Casillas Guzman told the Associated Press on Monday. The SBA is gearing up to make many changes, but will focus on its coronavirus relief policies in the near term, Guzman added.

“We’ll be looking at our overall programs to see a path forward for small businesses,” Guzman told the AP.

Meanwhile, millions of Americans continue to receive vaccinations on a daily basis, according to Centers for Disease Control and Prevention data. As cases have decreased over the last two months, states have eased economic restrictions, allowing businesses to reopen, The New York Times reported.

Many small businesses have already been crushed due to the coronavirus pandemic. Small business revenue has plummeted 30% and the number of open establishments has decreased 32% as of March 12 compared to January 2020, according to Harvard University’s Economic Tracker.

An industry report last month found that nearly half of all small businesses were at risk of closing based on expected revenue and expenses.

“Customer confidence in their future cash flow is low right now,” a small business owner told Alignable, which issued the report. “And so discretionary spending, which our business is based on, is significantly restricted. We need customer confidence to elevate to bring them back and make them feel comfortable spending their money.”

Since the start of the coronavirus pandemic, SBA has approved more than 7.5 million Paycheck Protection Program (PPP) loans. The agency has doled out more than $687.3 billion to small business owners as part of the program.

President Joe Biden created a 14-day exclusivity period from Feb. 24 to March 9, where only the smallest businesses and nonprofits could receive PPP loans. The exclusivity period was among a series of changes to the program that the Biden administration has implemented.

Content created by The Daily Caller News Foundation is available without charge to any eligible news publisher that can provide a large audience. For licensing opportunities of our original content, please contact [email protected]

The Palmieri Report is a Pro-America News Outlet founded by Jacob Palmieri four years ago at the age of 19. Since its founding, it has gotten over 2M pages views and over 20k followers. The Palmieri Report is dedicated to giving people the truth so that they can form their own informed political opinions.

Click To Go To ProTrumpNews.com


Share Your Thoughts

We have no tolerance for comments containing violence, racism, profanity, vulgarity, doxing, or discourteous behavior. Thank you for partnering with us to maintain fruitful conversation.