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 (481-490)
I received my stimulus money on Wednesday the day before the government ran out of money. This only last 8 weeks and we all better be back to work by then
Applied at the start of all this and all funds exhausted went through different firms for loans/ banks nothing! Disappointed
It as if your saying that small business should apply with their banking insitution, I applied directy to the SBA.
Banks were able to pick which customers got the money. They tended to give money to their bigger customers. Companies with 20 or more employees were much more likely to get approved versus companies with fewer than 20 employees.
I have applied to three banks both for the emergency $10k and The payroll loan and I got nothing from the SBA or banks except a note stating” we are there for you” not!
As sole proprietor I do not qualify for relief. I'm not sure why we DJ's and live entertainment are being considered. We have lost ALL of our business this spring and summer so far.
We received our money.
Well, all I keep getting move to the next step emails, regarding my loan application, its a joke.Mo
I haven't received any response at all about my submitted application to the SBA. Doubt I will receive any aid from this at all. Seems like it was a money grab for larger companies and high loan account holders instead of any relief for who it was supposedly intended for. I just don't know. 🙁
Were considered Essential services