The economic impact of the coronavirus pandemic has left America’s small business sector battered and bruised but not defeated.
Despite painful drops in revenue, small business owners are remarkably optimistic about the future, with more than half expecting they will return to pre-pandemic levels of profitability in the second half of the year.
The Trump administration’s objective is to help small businesses recover by alleviating and removing barriers that frustrate growth and hinder businesses’ ability to adapt to current challenges.
The Paycheck Protection Program boosted aggregate U.S. employment by an estimated 1.4 million to 3.2 million jobs through early June, according to analysis from MIT researchers and the Federal Reserve.
“The evidence to date suggests the PPP was certainly not perfectly targeted in terms of reaching only firms or regions in the most need; even so, it was delivered to a substantial number of small and mid-size firms, many of which were likely facing acute liquidity needs,” the researchers wrote in a paper published on Tuesday.