A survey by Goldman Sachs’ 10,000 Small Businesses Voices program found small businesses asking for more federal pandemic recovery aid.
“The strength of small businesses will help us measure the success of the economic recovery,” Jessica Johnson-Cope, chairwoman of the program, said in a statement. “Congress took an important step toward relief in December but must tackle the unfinished business of supporting the entrepreneurs who drive our economy.”
The survey found that a majority of qualified small businesses applied for the second round of loans in the Payment Protection Program, a federal program tied to the COVID-19 pandemic response.
Nationally, 66% of small businesses qualify for a second PPP loan, Goldman Sachs said. And 83% of qualified businesses have asked for a second loan.
In the Midwest, 46% of small business owners reported tapping their personal savings to cover business expenses. More than half, 55%, gave up their paycheck to try to save their business.
Many Midwest businesses reported they expect to run out of federal funding by April or May.
The survey of 1,293 Goldman Sachs 10,000 Small Businesses participants was conducted by Babson College and David Binder Research from Feb. 15-16.