As Congress continues to remain deadlocked over a new round of stimulus, studies show that the picture for many small businesses remains bleak, the Washington Business Journal reported. A National Federation of Independent Business survey showed 22 percent of PPP borrowers anticipate layoffs in the next six months, nearly half anticipate needing additional financial support in that time, and 44 percent of owners would apply for a PPP loan for the first or second time if Congress extended the program. New data from Yelp shows that 163,735 businesses on its platform have closed since the pandemic began, of which at least 60 percent are permanent. Bankruptcy reorganizations in September were higher than any September since 2011, according to the American Bankruptcy Institute. The already desperate situation for small businesses is magnified for owners of color, said Sarah Crozier, senior communications manager at small-business group Main Street Alliance. She said that 46 percent of Black, Latinx and Asian American business owners say they can only stay open for fewer than six months, per data from a study commissioned by the national small-business network. Overall, the study found, 75 percent of small-business respondents are finding it difficult to negotiate favorable deals with their landlords, while 70 percent say the same thing about their banks.
