N.J. small businesses have used up their PPP cash, need more help

WASHINGTON, D.C. – The National Federation of Independent Business (NFIB) announced Wednesday that a survey conducted by the small business organization revealed 86% of Paycheck Protection Program (PPP) participants out of cash and looking for forgiveness. 

“Small businesses in NJ have reached their financial limitations,” said NFIB’s New Jersey State Director Eileen Kean. “Now is the time for New Jersey to use the $2-billion CARES Act money that has not yet been spent to help Main Street survive.”

President Trump has called for more PPP funds but the Democrat House hasn’t come to the table.

“It has been over six months from the onset of the health crisis and economic shutdowns and small businesses are still struggling,” added Holly Wade, Executive Director of NFIB’s Research Center. “Owners are trying to reduce costs and adjust business operations to keep their doors open, but for many, that’s not enough. Small businesses are in danger of closing for good if they don’t get additional financial assistance. Small businesses urge Congress and the Administration to agree on legislation that would aid the small business economy and allow small businesses to stay open and move forward.”

The first round of PPP funds haven’t been enough to stave off pending financial disaster for many businesses.

NFIB says 22% of borrowers surveyed believe they will need to lay off some of their employees over the course of the coming six months. Almost half (49% say they will need more financial help over the next year. 44% would apply for a second PPP loan if it was made available.