A new survey by NFIB shows COVID-19 continues to have an impact on Alabama’s small businesses.
According to the survey, released today, only 27% of small businesses have had employees take off work because of the coronavirus, but 80% have experienced shortages or shipping delays because of the pandemic, and least half say they would need additional financial relief to fully recover the economic shutdown.
Seventy-five percent of those who responded to the survey said they had applied for and received a federal Paycheck Protection Program loan to avoid cutting jobs during the economic slowdown. Fifty percent say would apply for a second PPP loan if allowed by Congress, while 22% say they might apply for a second loan but haven’t decided. By comparison, 15% said they had applied for a Revive Alabama Grant.
“This spring and summer were tremendously challenging for Alabama’s small businesses, and it may be months before things get back to normal,” NFIB State Director Rosemary Elebash said. “We encourage the Alabama Legislature and Congress to take every action they can to help our small businesses get through this economic crisis and avoid cutting jobs and closing their doors for good.”