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Economy

Small businesses showing signs of recovery, study says

Two-thirds of small business owners say they will be able to survive the next year under current economic conditions.

STOCK

The number of small business owners who say they will have to close if economic conditions don’t improve soon has dropped to 15 percent from 25 percent two months ago, according to a survey released Thursday by the National Federation of Independent Business.

Another 17 percent expect that they will be able to operate for a maximum of between seven and 12 months under current economic conditions, and 68 percent said they are in good enough shape to weather the pandemic in the foreseeable future.

“The reopening of the Paycheck Protection Program is likely a main factor in the decrease of those anticipating having to close their doors soon but still, the economic recovery remains uneven for small businesses,” said Holly Wade, executive director of NFIB’s Research Center. “Fortunately, more businesses are reporting stronger sales and those still negatively impacted by state and local restrictions are receiving additional financial help.”

Rosemary Elebash, NFIB’s state director, said that Alabama’s economic recovery could be improved if the state legislature passes House Bill 170, which would eliminate state taxes on small business grants, federal PPP loans and other relief payments.

Micah Danney is a former reporter at the Alabama Political Reporter.

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