1 in 5 Small Businesses Could Close by November if more federal funding isn’t made available

According to the National Federation of Independent Business, one in five small businesses in Indiana could close permanently by November.

Posted: Sep 8, 2020 6:49 PM
Updated: Sep 8, 2020 6:52 PM

TIPPECANOE COUNTY, Ind. (WLFI)-According to the National Federation of Independent Business one in five small businesses in Indiana could close permanently by November.

"No one today who is alive has ever gone through what small business owners are going through right now,” said Barbara Quandt IN State Director, for NFIB “No one in business ever."

The National Federation for Independent Business is the largest organization representing small businesses in the country, and they say their members are struggling.

"Frankly they need another round of some kind of assistance to keep them alive until the economy really starts to come back,” added Quandt

Locally, the Greater Lafayette Commerce agrees.

"We fully support the federal government re-upping the PPP program in coming out with another round,” said Scott Walker the CEO of Great Lafayette Commerce. “It looks like you know things aren't going to change until people are more comfortable."

Getting consumers more comfortable is an issue all businesses are facing at this time.

"We recently did a survey of or our members and about half of them are not interested in going out in a community setting about half of them are, “said Walker.

NFIB conducted a survey among its members. The survey found 80 percent of their members who borrowed money from the Pay Check Protection have used up their entire loan. That is why small business advocates want the federal government to step in.

"My hope is that we start to be concerned about those businesses soon enough that we can help them get through this period,” said Quandt. “I just hope we don't wait until we see empty storefronts because it's coming."

"The federal government the role they can play is to help mitigate the disaster that's about to happen with our small businesses, “added Walker.
The survey conducted by NFIB asked 20-thousands of its member’s questions about their experience during COVID-19. NFIB collected 562 responses. To read the result of the survey click here. 

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