McNair Center Survey: Impact of COVID-19 on Small Businesses in Houston and Their Experience with the Paycheck Protection Program (PPP)
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The COVID-19 pandemic has impacted small businesses around the nation in unprecedented ways. Businesses all across the country have had to shut down completely or operate at lower capacities to slow the spread of the COVID-19 virus. This has resulted in businesses losing substantial revenue, and, in many cases, business owners have had to apply for financial aid, lay off employees, etc. The purpose of this report is to highlight the data trends gathered from a survey administered to small businesses owners in the Houston, Texas area by the Baker Institute McNair Center for Entrepreneurship and Economic Growth. The survey aimed to gather a snapshot of small business operation characteristics (e.g., the number of cash buffer days, the types of cash flow tools used, the financial institutions patronized, etc.), the impact of COVID-19 on business operations and functioning, and small businesses’ perspectives on all aspects of the Paycheck Protection Program (PPP), a business loan program established by the Coronavirus Aid, Relief, and Economic Security (CARES) Act in late March 2020.