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Many small business owners worry a second shutdown would be devastating

June 30, 2020. Summarized by summa-bot.

The economic shutdowns and confusing scramble for federal PPP loans and other aid were hard enough for small business owners.

The economic shutdowns and confusing scramble for federal loans and other aid were hard enough for small business owners.

Leadbetter said she is grateful for the PPP loan she received because it helped her family stay in business.

And she is grateful that the federal CARES Act relieved business owners of the obligation to make payments on their other Small Business Administration loans for six months.

"We, like many businesses, thought by the time the PPP funds ran out and the loan payments were due again, we'd be out of the woods and able to operate quasi-normally.

So Hodges is actually trying to hire a few more staff -- to add to the majority of employees he was still paying once he received his PPP loan.

Indeed, restaurant and other business owners are facing "a series of impossible questions" as coronavirus cases surge in so many places, Addison said.

While they didn't qualify for a PPP loan because they weren't open for business earlier in the year, they have been taking the new employee retention credit, which offers them a quarterly tax credit equal to half the wages they are paying staff.

There has been a push by small business advocates to automatically forgive PPP loans under $150,000.

And some are even asking for business owners to be allowed to get a second PPP loan since the program still had more than $130 billion in remaining funds as of this weekend.

But many small business owners would rather avoid more loans, even if there's a chance they could be forgiven eventually.

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