Seven out of 10 Small Businesses Have Applied for a Cares Act Loan
A full 70% of small businesses in the U.S. have attempted to apply for an emergency loan through the Paycheck Protection Program (PPP) — how many businesses have received any funds remains unknown.
The Small Business Administration (SBA) has not published the data showing the number of businesses that have received cash, according to The Washington Post. Of employers who have not applied for a loan, more than half intend to or are considering applying.
The survey conducted by the National Federation of Independent Business (NFIB) also learned that more than 50% of small businesses applied for the SBA’s disaster loan program, but only 4 percent have been approved.
Republicans and Democrats came to a head on a $250 billion increase to the program on Thursday, leaving employers wondering if there will be enough relief to go around to save their small businesses.