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 (41-50)
I'm self employed with no employees. Don't seem to qualify for PPP. Then I found out that I qualify for the Economic Injury Disaster Loan Emergency Advance. By the time I collected the required info, the program ran out of money so I was denied. Very upsetting because my business is really suffering.
Both my CPA and attorney sent me personal emails telling me not to delay in applying for the PPP program. My CPA sent a spreadsheet sent me to determine loan size. My attorney also answered a few questions. But it was my lender at Independent Bank (MI) that really went to bat on my behalf. He answered questions, told me what documentation to submit and then kept me informed throughout the process. I'm lucky in that funds arrived in my checking account on Friday. As received enough funds for 8 weeks of payroll, 2 months rent and 2 months utility bills. And I'm back to paying myself a salary. Sure we're not out of the woods yet if sales remain slow but I've been given more time to recover.
I was also one of the first to apply on the Friday that they began accepting applications. The last two weeks have been a nightmare as Bank of America keeps sending out generic emails stating a document is missing. There no instructions or anyone to advise. They do not answer the phones (I’m sure they are overwhelmed).
Added to problem, every time we go back to recheck our submission they “change/add” something else to the criteria. Even after SBA reported Thursday they are out of money, I received multiple emails on Friday and two yesterday stating some doc is still missing.
People who applied much later than we did, but who have a smaller bank, have already been approved.
Still open & paying staff, but not sure how much longer.
Hope all is well with everyone. We applied online through Chase CARES ACT Portal on April 10, 2020. Other than the online submission confirmation we have not as of yet received any other type of correspondence or acknowledgement. We have currently stopped all of our remodeling projects that were active by mid March till We reach a point where we feel confident that we can resume onsite activities once again, we are currently using our down time to review and improve our internal processes as well as Publushing our Covid-19 return to work and job site protocol. God Speed to all.
The good and the bad and the ugly is how it is going to play out. Fortunately, the politicians came to a bipartisan agreement for once to help the businesses which is great, however unfortunately, they knew from the beginning is was not going to be enough money and then went on recess until May, and the ugly is that because of this and other factors many will not be able to recover too little too late syndrome and that ultimately will really hurts our economy moving forward. Stay strong....david
All the money went to mostly large businesses with debt at the banks doing the lending. 200 to 500 employees is not a SMALL BUSINESS. Program is tapped out by companies like Ruth Chris Steakhouse which got 20 million. Since when is Ruth Chris a small business? Main Street America got nothing for the most part.
I think its criminal that major multi million dollar chains got funded such as Ruth's Chris Steak house, Pot Belly ,Taco Cabana , Shake Shack etc etc.
In the mean time companies like ours and many others who did all there paper work on time and submitted without issues and didn't get funded because all the money was gone already.
I find it very strange that over 85% of all single owner restaurants didn't get funded in this round and now we have to wait on the Democrats and Nancy Pelossi to even vote for the next round of funding .
If the new round isn't approved in the next 2 weeks it will kill at least 50% of the small restaurants in the US.
Its a real shame!
Mack McDonald
The Rouxpour Restaurants
My Bank Did not get approved till Wednesday morning i submitted Application wed evening and Thursday afternoon i was told money had run out that's because big business ate up all the Funds
This is the time to think "out of the box". If you can save every customer you have. Reach out and talk to them. Measure each transaction by testing, monitoring, and controlling your people's relationship. Do what you can to stay afloat and before closing doors, talk to a bankruptcy lawyer about the new small business chapter 11 protection.
I’m having a similar situation as Keith Overland - I submitted it on the weekend BEFORE they said the application was up and running. I was able to get it done online and everything uploaded. I kept checking and if it said anything was needed, I uploaded it immediately. I was told by BB&T that the loan was approved and that an SBA Authorization was given, but I’m nervous now because hearing that the money ran out!