Lawmakers and business leaders had high hopes for the Paycheck Protection Program (PPP): They thought it would provide the funds required for small to medium-sized businesses (SMBs) to maintain their operations and retain their staff during the pandemic. It may not be sufficient, however, given the drop in retail sales in March, and the average SMB expecting to run out of cash two months prior to the pandemic’s end, even with government help. All this, Today in Data.
150: Average number of days SMBs expect the pandemic will last.
54.8%: Share of tech SMB owners who have applied for SBA loans.
37: Average number of days SMBs could stay open with the cash they have on hand.
32.7%: Share of firms that have applied for SMB loans.
9%: Approximate decline of retail sales in March.