Small businesses account for more than 99% of all U.S. firms and are a crucial part of the American economy. And in 2020, most small businesses were hit hard by the ongoing effects of the Covid-19 pandemic. Some closed, and lots have rebounded, but most are still seeking additional financial resources as the pandemic’s financial effects linger.
Shortly after the pandemic started, a survey of more than 5,800 small businesses revealed that over 40% had to shut their doors temporarily. Paycheck Protection Program (PPP) loans provided some relief, but businesses have still had to endure nine months of economic uncertainty since the pandemic began in March.