Apr 27, 2020 - Economy & Business

68% of small businesses say coronavirus will change their models forever

A closed restaurant in Washington, D.C. Photo: Liu Jie/Xinhua vi Getty Images

A Goldman Sachs survey of 1,790 participants in the firm's 10,000 Small Businesses program, conducted by Babson College and David Binder Research, found that 68% said the coronavirus crisis will likely change their business models for good.

The big picture: 93% of small businesses said the virus will impact the way they operate, and 69% believe that large corporations will have a bigger advantage over them than before the pandemic.

  • 81% of surveyed small businesses are still operating, but the pandemic has forced them to cut their workforces by 37%.
  • 91% have applied for PPP loans, but 71% are still waiting for a response.
  • 85% said the virus has affected their personal finances, while 63% say their cash reserves will last less than three months.

Note: Axios qualified for a loan under the PPP program. More details here.

Go deeper: How many big companies got PPP loans

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Marisa Fernandez
Updated Aug 4, 2020 - Health

The states where face coverings are mandatory

Data: Compiled by Axios; Map: Danielle Alberti/Axios

Mississippi Gov. Tate Reeves issued a statewide mask mandate on Tuesday for people in public, as well as teachers and students going back to school.

The big picture: 34 states, in addition to the District of Columbia, have issued some form of a mask mandate as infections surge across the country.

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Alayna Treene, Dan Primack
Aug 4, 2020 - Politics & Policy

Republicans push to expand small business loan program

Senators Marco Rubio and Susan Collins. Photo: Bill Clark/CQ-Roll Call via Getty Images

Sens. Marco Rubio (R-Fla.) and Susan Collins (R-Maine) on Tuesday filed two big amendments to legislation introduced last week that would extend the deadline to apply for Paycheck Protection Program loans and permit some recipients to apply for new PPP loans.

Why it matters: The current program expires on Saturday, despite more than $100 billion left over from the CARES Act.

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Marisa Fernandez
Aug 4, 2020 - Health

Poll: 59% of Americans support nationwide 2-week stay-at-home order

People lay out on the grass while maintaining social distancing guidelines in Williamsburg, Brooklyn. Photo: Rob Kim/Getty Images

Over half of Americans surveyed in a new NPR/Ipsos poll support a mandatory, nationwide order to shelter at home for two weeks to slow the spread of the coronavirus.

Why it matters: COVID-19 deaths and hospitalizations are rising across the U.S., which saw dramatic surges in new infections this summer. More than 155,000 Americans have died, per Johns Hopkins.

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