The New York Fed said each additional week a service business is closed cuts its chance of reopening by 2 percentage points.
PPP loans have produced great results, says Seattle banker Laurie Stewart. She's optimistic about demand rising without inflation.
The latest loans have moved more slowly than the previous round, due in part to additional compliance checks to prevent fraud.
Companies with fewer than 20 employees have had an exclusive two-week PPP loan application window.
Smaller businesses owned by women and people of color often lack the banking relationships that larger companies have.
Businesses can only apply for the latest round of loans if their revenue fell 25% or more.
Three-quarters of the money Washington set aside hasn't been touched. Some point to new restrictions on which businesses qualify.
Bankers say the process is running a lot more smoothly this time, in part because they have a better sense of what to expect.
These small convenience stores are often focal points for neighborhoods, and not only for the food and other supplies they sell.
A Black-owned bank CEO in South Carolina says the new PPP applicants he's seen are businesses owned by women and people of color.