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Survey: Louisiana Small Businesses Need More Relief – New Orleans, Louisiana

New Orleans, Louisiana 2021-02-22 17:57:21 –

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New Orleans-Goldman Sachs 10,000 Small Businesses Voices community has released new national survey data showing that the first round of PPP helped keep the majority of small businesses open, but small business recovery And we need more support to support growth. Survey data is available when owners of small businesses in Louisiana and across the country are calling on Congress and the Biden administration to pass another bailout package and establish a long-term recovery agenda that puts small businesses at the forefront. Can be done.

“The strength of small businesses helps us measure the success of our economic recovery,” said Jessica Johnson Corp., President and Principal of Johnson Security Bureau and Chair of the 10KSBV National Leadership Council. “Parliament took an important step towards bailout in December, but we need to work on an unfinished business to help entrepreneurs who drive our economy.”

According to a survey, the majority of qualified SMEs have applied for the second round of the Payment Protection Program, a federal loan program that helps companies continue to employ their workforce during the COVID-19 crisis. At the national level, 66% of SMEs are eligible for a second PPP loan and 83% of qualified individuals are applying for a second PPP loan. In the South, 65% of SMEs are eligible for a second PPP loan and 78% of eligible companies are applying.

Goldman Sachs said despite the support of the second round of PPP, SMEs still need long-term solutions to survive. Eighty-eight percent of respondents and 95% of southern business owners say that a second PPP loan is absolutely essential or very important to help them survive. However, 67% of lenders, including 65% of southern business owners, expect to run out of funds by April or May. Only 11% of respondents and 11% of southern employers are very confident that they will be able to maintain their salaries if no further government relief is provided. At the individual level, 50% of small business owners nationwide and 50% of the South have been devoted to personal savings since the beginning of the pandemic.

“Small businesses like me are the backbone of our community and economy,” said Anna Tsusa, owner of the New Orleans Bricket, Bricket Wine Room, and New Orleans Creole Cookery. “After a year of tremendous uncertainty, it’s time to invest in small businesses and lead us on the path to recovery.”

The study also specifically evaluated the importance of long-term capital and access to affordable health care. When asked about access to a business credit line or loan from a financial institution, 54% were very confident that they could access the pre-pandemic one, but they are confident that they will be able to access it today. Is only 30%. When asked about medical costs, 79% of health insurance providers said employers’ costs had increased over the past year, and 94% of small business owners said Congress had small business health insurance. It states that it is important to prioritize lowering the cost of.

Survey data show that black small business owners continue to face uneven recovery compared to the overall small business population. For example, 73% of eligible black business owners applied for a second PPP loan, which is 10% lower than the overall application rate. Forty-two percent of black-owned companies that applied for a second PPP loan have been approved and received loan funding. In contrast, it accounts for 54% of the total population. Most striking is that only 16% of black business owners are confident that their financial institutions can access the credit lines or loans of their business. In contrast, 30% of all SMEs believe they have access to credits and loans.

A survey of 1,293 Goldman Sachs 10,000 SME participants, including 249 from the South, was conducted by Babson College and David Binder Research on February 15-16, 2021. The survey included small business owners from 46 US states and 3 US territories. % Of them were women.

In January, more than 2,000 small business owners from the 10KSBV community in 50 states and the District of Columbia will attend Virtual Hillday to meet with federal representatives to keep American small businesses strong. Advocated additional federal pandemic relief. Small Business Owners Protect Small Businesses from Potential COVID Proceedings, Reduce Healthcare Costs, Increase Access to Affordable Child Care, and Government’s Proposal (RFP) Process for Small Businesses We urged Congress to simplify the requirements and encourage large businesses to use SMEs. We support your business as a vendor and the cost of resuming offsets. Click here to read the full Goldman Sachs 10,000 Small Businesses Voices Small Business Agenda. Here..

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