Small businesses losing the fight with Covid-19

SMALL  BUSINESS  FUNDING

Congress's 'PPP' lending program,

extended through August 8,

was not enough to save many 

small business owners. 

A July 2020 Small Business Poll 

survey at  CreditCards.com 

uncovered that 35% tapped 

into personal funds to finance 

their businesses during the  

the Coronavirus pandemic. 

Some business owners 

dipped into a personal 

savings account (21%), 

used a personal credit card 

(24%), or used both (10%).

38% of business leaders 

used either business 

or personal credit cards 

during, with 20% leaning 

on business cards.

The most popular funding was

Paycheck Protection Program 

loans, from the Small Business 

Administration, used by 30%

of small businesses.

The majority 

of small-business 

leaders (53%) 

agree that they 

will need either 

an increase in sales, 

or some type 

of assistance, 

just to stay 

in business 

this year.

To stay afloat until 2021, 

small business 

decision-makers 

say they will need:

-- An increase in sales (32%)

-- Government assistance (19%)

-- Any type of loan (13%)

CreditCards.com 

commissioned 

YouGov Plc 

to conduct the survey. 

NEW  YORK  CITY  RESTAURANTS

That industry is in dire straits.

For restaurants, bars, and 

nightlife establishments 

across the city, a majority 

did not pay rent in July, 

a new survey found.

NYC Hospitality Alliance 

surveyed about 500 owners 

and operators of eateries 

in the city.

83% didn't pay the entire rent 

in July, while 37% paid no rent 

at all for July. 

71% of owners 

and operators 

said landlords 

"would not waive 

portions of rent 

due to COVID-19." 

About 61% said 

landlords 

"would not defer 

rent payments," 

 while 90% of landlords

"would not formally 

renegotiate leases."

Indoor dining

remains halted.

Outdoor dining 

is not generating 

sufficient revenue 

to cover rent and 

other expenses.