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 (461-470)
When I spoke to the SBA was told by a girl it did not apply to sole proprietors -so much misinformation with all companies. Guidelines were not set prior to launching all this. Not fair to all.
I got mine this week after being told that they were out of money last Thursday. My husband is still waiting to hear about his and he applied for his first at the same bank. We are both owners of LLCs. It's really odd. I wish you all the best during these crazy and very uncertain times.
Applied to chase - they said they ran out of funding.
I applied but have not heard anything.
Submitted application for SBA Disaster Relief loan on 4/1/20, and have yet to receive a response.
We have applied but have not received anything!
I feel like everyone else I dont think there were ever any money for the small business, I also heard the large corporation got the bell out money.
Just as I thought would happen, all of the larger bank customers got preference before the money ran out. We couldn't even get an appointment with our bank to submit the application. Big money always comes first. What a joke on us small guys!
Applied as directed. Not a word. I called to check on status, told it was in line to be processed. Now, I hear from everyone else that the money is gone. I've heard so many different things. Small business owner since 2003, excellent credit, and now this.
How and where do I apply for the relief program?