Business owners who chose the forgivable loan option via the Paycheck Protection Program still struggle to understand whether certain business expenses covered with the funds used are deductible. (Photo: Shutterstock)
As the economy inches towards a rebound from the pandemic, small businesses are still struggling to stay afloat. Over the past few weeks, more than 8,700 small businesses from across the nation wrote into congress, all with a unified and urgent concern, stating they are quickly running out of the resources and time needed to keep their businesses alive.
Frequently referred to as the heartbeat of the American economy, small businesses are still experiencing the devastating effects of COVID-19. Two out of three small businesses have exhausted their resources, revealing they only had enough cash for just three months of expenses. While many owners believe it will take more than six months to fully recover, others are on the brink of closing their doors for good.
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