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Illustration: Sarah Grillo/Axios

Many small businesses have applied for and received funds from the latest iteration of the government's Paycheck Protection Program, but most say they will need more help, a new survey from Goldman Sachs provided first to Axios shows.

What's happening: Only 11% of firms that received a PPP loan say they are very confident they will be able to maintain payroll if no further government relief is provided and 67% of loan recipients expect to exhaust their second loan funding in April or May.

  • The survey of 1,293 Goldman Sachs 10,000 Small Businesses participants conducted Feb. 15-16 found that 66% of small businesses qualified for a second PPP loan and 83% of those who qualified have applied for a second PPP loan.
  • 43% don’t think their business will return to normal until either the fourth quarter or 2022.
  • 55% of those who received the loans were able to hire or rehire some employees.

Heads up: The new PPP loans were part of the $900 billion relief package signed by former President Trump in January, and President Biden is expected to temporarily limit big companies from applying, Axios reports.

The big picture: The latest round is shaping up to be much like its predecessor: A temporary help to some companies, but far short of a panacea for the small business sector.

  • Thus far, 50% of small business owners have dipped into their personal savings and 58% have foregone paying themselves.

Watch this space: Just 30% of small business owners said they were very confident they could get access to a line of credit or loan for their business from a financial institution, compared to 54% who said they were very confident they could access one pre-pandemic.

  • 82% of small business owners agreed it was important for Congress to create a new loan program to provide small businesses with access to longer-term capital.

Between the lines: Goldman analysts note that financing woes are that much worse for Black-owned businesses.

  • 73% of eligible Black business owners have applied for a second PPP loan, compared to 83% of all small business owners.
  • 42% of Black business owners who have applied for a second PPP loan have been approved and received loan funding (vs 54% overall).
  • 16% of Black business owners are very confident they would be able to access a line of credit or loan for their business from a financial institution (30% overall).

Go deeper

FBI, Homeland Security warn of increasing threat to Capitol

Photo: Eric Baradat/AFP via Getty Images

The FBI and Department of Homeland Security predict violent domestic extremists attacks will increase in 2021, according to a report reviewed by Axios.

Driving the news: The joint report says an unidentified group of extremists discussed plans to take control of the Capitol and "remove Democratic lawmakers" on or about March 4. The House canceled its plans for Thursday votes as word of the possible threats spread.

22 mins ago - World

Pope Francis set to make first papal visit to Iraq amid possible turmoil

Data: Vatican News; Map: Danielle Alberti/Axios

Pope Francis is forging ahead with the first papal trip to Iraq despite new coronavirus outbreaks and fears of instability.

The big picture: The March 5–8 visit is intended to reassure Christians in Iraq who were violently persecuted under the Islamic State. Francis also hopes to further ties with Shiite Muslims, AP notes.

"Neanderthal thinking": Biden slams states lifting mask mandates

States that are relaxing coronavirus restrictions are making "a big mistake," President Biden told reporters on Wednesday, adding: "The last thing we need is Neanderthal thinking."

Driving the news: Texas Gov. Greg Abbott (R) said Wednesday he will end all coronavirus restrictions via executive order, although some businesses are continuing to ask patrons to wear face masks. Mississippi is lifting its mask mandate for all counties Wednesday, per Gov. Tate Reeves (R).