April 18th Poll: CARES Money Starts To Get To Business Owners In Need
Here's what we've learned from this week's survey of over 16,000 business owners across the U.S.
Where's The Money?
Earlier this week, the U.S. Government stopped accepting applications for two key CARES Act Relief Programs. For the business owners who got in under the wire, 70% are in a state of limbo wondering whether or not their applications will be accepted and 15% are waiting for the funds to arrive.
44% Of Small Businesses Close Doors Due To COVID-19
With 98% of business owners seeing 25% or greater impact on their businesses, 44% of businesses have closed their doors. However, for those with closed doors, the vast majority are saying: "I'll Be Back!" That's the #SmallBusinessStrong spirit.
Here's Why Some Small Business Owners Didn't Apply
For those who’ve decided not to apply, 36% didn't feel they qualified for relief. Reading the comments, the most common answer was because they were solo entrepreneurs, independent contractors, or self-employed.
This was disappointing because as we found in our discussion with Bob Nelson from the Small Business Administration, they were eligible.
Another 20% were working on applying but missed the cutoff.
Please let us know your status regarding the CARES Act loans, sharing what your experience has been so far. #SmallBusinessStrong
Comments (11-20)
Interesting. I did not apply because I am an independent contractor, self employed. Did not think I wouldbe eligible. Besides, most of your larger companies received most of the money. The smaller businesses did not. My daughter is a small business, she is an awesome barber, she filed and has not heard a word. This is truly a mess.
Starting Monday I will sell off over 50% of my photography equipment in order to pay creditors for May. I will have to tell my landlord I'm closing and cannot pay the rent therefore defaulting on my lease. In June I will begin bankruptcy proceedings.
I submitted my application and paperwork for the PPP the first day they accepted applications. Since then, I haven't heard anything, positive or negative. Bank of America is the lender I had to go through and it has been a very disappointing experience. I have approximately 48 full and part time employees and their families that will be impacted if I have to close my doors yet Ruth Chris, a chain, gets $20 million??? True small businesses are not going to make it. We've been set up to fail, especially here in Massachusetts. I wish all of you good luck, health, and hopefully fortune....if the politicians on both sides can remove heads from arses.
I think the definition of a small business needs to be adjusted. Make it for businesses with 50 employees or less. That’s more like the number of employees found in “Main Street” USA. Think Ace hardware, small restaurants, your local barber shop etc.
Typically, these businesses aren’t part of a large group, they don’t have the resources of companies with 100-500 employees. These owners make a nice living, but they’re not at home counting their mountains of cash. They most probably don’t have enough resources to pay staff to stay home.
we have a 10 years catering company we worked long hours and build the business, since march 15 we do not have any business coming in yet we have to pay our rent, utilities, insurance, and many more to keep the business open, we kept one employee hoped to get the ppp loan and found out there is not more money, yet big restaurants Ruth's Chris Steak House got 20 MILLION dollars, and I am sure all the big ones did the same but all the small ones got nothing. I am not sure how to live personally or paying for the business, even unemployment did not show up yet, I am not sure how businesses are going to survive. most small businesses will need 20-30,000 loans to keep afloat and hope to pick up the business. we did not get the stimulus 1200 yet either. I am always optimistic and hoping for the best.
One of our local banks, Anderson Brothers Bank contacted me on April 1 to let us know that they would be processing applications on April 3. Then sent me over paper work to be completed on April 2, I completed all paper work an added necessary documents and emailed back the same day. Process was done on April 3 by the bank and we received our PPP funding on April 9. I think a lot of the problems associated with this program may be a banks either not seeing the urgency or just did not focus on customer needs. We are not a large company 15 employees, and this bank actually does not handle our business account or loans. My regular local bank didn’t even call to talk with us about the PPP program.
I am the Owner of Salon Dare in Hillsborough. I raced frantically to get the application in both times the day it opened. And As of 10 days ago, my application had made It to the review phase. While I don’t begrudge any business for receiving money, My type of business is completely shut down . I am making zero income. Why business that still have some source of revenue stream were picked before business that have none is puzzling. I have 11 employees most of whom are single moms. More than half of them are having troubles with the unemployment system, So they have not seen a dime of money in over a month. It’s just beyond sad.
The system is rigged, as usual. They dangle to carrot, but make it impossible to get help.
I applied the first day the bank had the portal ready. I got a confirmation that all documents were loaded. Crickets until the money ran out and then I started getting emails that I had not loaded all documents. I went in the portal and double checked and everything was there. I again uploaded a second file of the same documents, double checked according to the instructions, and the documents were there. I continued to get emails that all my documents were not uploaded - got to wonder. You then see all over the news that big companies like Ruth Chris, Hilton properties, Pot Belly, etc. have received money. I think we see how this goes.
Of course money has been depleted. Ruth Chris steakhouses received 20 million dollars with 82 high in restaurants across the country. Their net income for last year was 45 million dollars. Define small business. Hoping for immediate relief.