Business
One in Five U.S. Small Firms Plan Layoffs After Using PPP Loan
- Virus relief loans were meant to keep U.S. workers employed
- New Survey shows 46% anticipate needing more financial help
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An increasing number of U.S. small businesses plan to lay off workers after using a federal coronavirus relief loan as many states are slowing or changing reopening plans amid a spike in cases, a new survey shows.
About 22% of firms that received Paycheck Protection Program assistance have fired workers or expect to lay off one or more workers once their loan runs out, up from 14% last month, according to a National Federation of Independent Business survey of its members. The PPP, a key federal stimulus program, was meant to keep workers on payrolls during the pandemic.