One in five small businesses have already closed during the pandemic. Many businesses have stayed afloat because of the Paycheck Protection Program (PPP), but between the winter approaching and remaining PPP funds already being spent, the next six months will be rough for small businesses.
On November 9, 2020, Gusto’s Lead Counsel for Financial Services Jeanette Quick called for Small Business Administration (SBA) reforms to ensure that small businesses can access capital and survive the pandemic. Quick recommends that the SBA cut red tape and encourage technical innovation in lending to improve the small business financing market and put capital in the hands of the businesses that need it most.
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