A seamstress works at a sewing machine in a tailoring shop in Palm Springs, Calif. Photo: Robert Alexander/Getty Images.

U.S. macroeconomic data is broadly improving but many small businesses are facing a perilous recovery as they attempt to stay afloat after coronavirus-driven lockdowns throughout the country. That's true even for the many that received government assistance.

By the numbers: A recent poll of 7,317 small business owners by Alignable finds that 43% of firms that received money through the Paycheck Protection Program (PPP) say they could be out of cash in a month or less.

  • That's largely because they spent all of the money in the first eight weeks after receiving it so they could qualify to have the loans forgiven.

Details: 69% of small businesses that did not receive PPP funding say they expect to be out of cash reserves next month. 

  • 76% of minority-owned businesses that did not receive PPP funding say they will run out of cash in July — with 52% saying they have already depleted their reserves.

The big picture: With stores back open, Americans have increased spending from April and May's depressed levels, but that may not be enough.

  • An IBM Institute for Business Value survey poll of more than 18,000 U.S. consumers in May and early June found that 21% of consumers say they're shopping less and more than half believe the country will experience a major economic downturn over the next year or more.  
  • This could mean spending plateaus or even declines after this month rather than accelerating.

Between the lines: Some of the businesses left behind are expecting to lose significant revenue.

  • Total travel spending in the U.S. is predicted to drop 45% by the end of this year, according to a forecast prepared for the U.S. Travel Association by the company Tourism Economics.
  • That includes a decline in domestic travel spending of 40% (from $972 billion in 2019 to $583 billion in 2020) and a 75% fall in international inbound travel spending (from $155 billion to $39 billion).

One level deeper: A trade group representing health and fitness clubs says the industry lost $5.6 billion from mid-March through June 1, and will continue to lose $350 million per week through the end of the year.

  • "Even when open and for the foreseeable future, clubs will be hampered by reduced income from reduced capacity safety requirements and membership cancellations," the International Health, Racquet & Sportsclub Association said in a press release.
  • "Clubs that have opened are opening at 25%–50% capacity, while still having 100% of their expenses."

Go deeper: The pandemic's lost years

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Hospitals, doctors are major recipients of PPP loans

Physicians' offices applied for PPP loans to help offset patient volumes that stopped. Photo: John Moore/Getty Images

Small hospitals, physician clinics, surgery centers, dental offices and other health care businesses were among the most common recipients of loans under the Paycheck Protection Program, according to data released by the federal government on Monday.

The big picture: Medical facilities had to halt routine procedures in the early days of the coronavirus pandemic as a way to prevent spread of infection and keep hospital beds open. PPP loans saved some, but certainly not all, of the jobs that are dependent on those routine procedures.

Treasury releases names of some PPP loan recipients

Illustration: Sarah Grillo/Axios

The Treasury Department and Small Business Administration disclosed Monday the names of over 600,000 small businesses that received Public Paycheck Protection loans, as part of the pandemic stimulus program.

Why it matters: This data should help Congress and others analyze the effectiveness of PPP, which so far has disbursed over $500 billion, as debate begins on a new federal stimulus package.

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Trump administration invests $2 billion in coronavirus drugs

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The Department of Health and Human Services and Department of Defense have awarded $1.6 billion to Novavax and $450 million to Regeneron Pharmaceuticals as part of the federal government's efforts to speed up the development of coronavirus treatments.

The bottom line: Federal scientists are holding out hope that these companies' treatments, along with other vaccines in development, will snuff out the spread of the coronavirus.