A survey of more than 1,500 small business owners who took advantage of the Small Business Administration’s Paycheck Protection Program has found that most will run out of money by the first week in August.
The survey, conducted by Goldman Sachs, shows that 84% of firms that received loans through the small business pandemic relief program would exhaust their funding by the end of the month. Only 16% of recipients anticipate being able to maintain their payroll without additional government aid.
So far, the government has distributed roughly $521 billion in loans through the PPP to more than 4.9 million borrowers. The program reopened to first-time applicants last week, with about $130 billion remaining in the fund.
