Survey Shows Overwhelming Support for New Round of Economic Assistance
According to a national survey of small business owners conducted shortly after the presidential election, about one in five small businesses across the country have been forced to furlough or lay off workers because of the economic downturn caused by the coronavirus pandemic. Though about half of those employees have been rehired, about one in five of those layoffs are expected to be permanent. Not surprisingly, then, more than four of every five small business owners surveyed said they would support a new round of federal assistance.
Though efforts to pass a new stimulus bill faltered a few months ago, a bipartisan group of legislators introduced a new proposal in early December. A key component of the new stimulus package is the renewal of the Paycheck Protection Plan (PPP), an integral part of the $288 billion currently earmarked for small business aid. The PPP has provided funds to businesses that provide proof they’ve maintained their payrolls despite shutdowns or significant loss of business.
Another essential part of an effective stimulus will be another direct payment to individuals, similar to the $1,200 payments received in the first economic package. Half of all small business owners polled said they support direct payments, which would encourage consumers to put money into the economy.
At MCIS Law, we are closely monitoring the actions of Congress and will be fully prepared to help small businesses take advantage of any stimulus package that comes out of Washington.
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At MCIS Law, PLLC, in Stafford, we provide comprehensive counsel to startup and existing businesses in southeast Texas. For a confidential consultation with an experienced and knowledgeable lawyer, email us or call our office at (346) 297-0121. We are currently communicating with clients by phone, text message, or videoconference. We accept all major credit cards