The SBA PPP rescue relief effort started taking applications from banks on behalf of their small business customers on April 3. Many of those small and medium-sized businesses (SMBs) had already begun working with their commercial bankers to gear up for that go-live day immediately after the passage of the CARES Act. But the effort didn’t do much to change how SMBs felt about their odds of surviving the pandemic’s economic impact. All this, Today in Data.
Data:
83%: Share of Main Street SMBs that expect to run out of cash before they can reopen and make sales without any government assistance.
71%: Portion of consumers who say it will take the availability of a vaccine before they can feel comfortable resuming their normal activities.
47%: Share of Main Street SMBs that believe they will deplete their cash before demand comes back, even with PPP funds.
44: Number of states that have moderate to severe lockdowns in place.
8%: Profit margin of a typical nail or hair salon.
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