The positive news about a possible coronavirus vaccine could prove to be a negative for many struggling small business owners, as economists worry that it could reduce the urgency for Congress to pass a new fiscal relief package.
Why it matters: A new survey from Goldman Sachs through its 10,000 Small Businesses program provided first to Axios finds that more than half of small business owners (52%) have stopped paying themselves in a bid to keep their businesses afloat and four in 10 (42%) already have begun laying off employees or cutting worker pay.
33% have dipped into personal savings to stay operational.
28% say the legislative uncertainty has caused them to consider closing their business.
What’s next: Moving forward, 38% of those surveyed said they will have to lay off more employees or cut employee compensation and 20% said they will not be able to pay their commercial rent through the end of the year without additional help from Congress.