[Ed. – How many livelihoods could’ve been saved if Speaker Pelosi had called an ’emergency session’ to support small businesses instead of a USPS conspiracy theory? Republicans tried to extend the Paycheck Protection Program. Democrats blocked it. –Kevin McCarthy]
The United States faces a wave of small-business failures this fall if the federal government does not provide a new round of financial assistance — a prospect that economists warn would prolong the recession, slow the recovery and perhaps enduringly reshape the American business landscape.
As the pandemic drags on, it is threatening even well-established businesses that were financially healthy before the crisis. If they shut down or are severely weakened, it could accelerate corporate consolidation and the dominance of the biggest companies.
Tens of thousands of restaurants, bars, retailers and other small businesses have already closed. But many more have survived, buoyed in part by billions of dollars in government assistance to both businesses and their customers.
The Paycheck Protection Program provided hundreds of billions in loans and grants to help businesses retain employees and meet other obligations.