Since launching April 3, the Paycheck Protection Program (PPP) has disbursed billions of dollars to businesses affected by the coronavirus pandemic. For many business owners, the PPP offered a crucial lifeline in an uncertain time.
But according to a recent survey of 1,500 businesses that participated in a Goldman Sachs training program, 84% of small businesses will have used up their PPP loans by the first week in August. Although Congress extended the PPP application deadline to August 8, that means little for businesses that have already exhausted these loans. Worse, more than 60% of respondents said their revenue is still less than three-quarters of what it was before the pandemic.