The resurgence of COVID-19 across the country this summer has deepened anxiety for millions of American small business owners who face another imminent cash crunch in their battle to survive a historic pandemic.
The government’s $660 billion Paycheck Protection Program, first rolled out in April, was supposed to help many businesses and their employees weather the storm. Nearly half of all American workers are employed by a small business.
But now many of the nearly 5 million US companies that got loans say the relief money is running out with little sign the virus is loosening its grip on the economy.
“We’re literally the guy who was jogging and got hit by the meteor like the one in a