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 (491-500)
Applied for the PPP, and EIDL and didn’t hear from anybody.
We applied to the SBA program as soon as we heard and did that online. The SBA was taking applications at that time. We haven't heard back from anyone. And I'm not holding my breath.....
I applied edl loan , but nothing , I’m not eligible , I’m self employed , employer w almost 3 employees
We missed the deadline by one day. Our bank is a large national bank so they are not accepting any additional applications for the next round. We are looking for an alternate financial institution to submit through.
That's really interesting information. Thank you for sharing, it makes me feel as if I'm in this with everyone else.
Hi, I feel like no one cares about small businesses, but our loyal customers do, I been in business for 20 years and we never experienced nothing like this, I hope that we all will get the help that the government promised. Thanks
Best regards
I don't need the money. I’m out of town and don’t know when I’ll return. I’ll be glad to help out with money.
David Deverick
I’m just confused about the whole process. We are a small business but our revenue is not what it was in 2018. Hack we don’t even know if we are getting a stimulus check.
Our Bank Didn’t have paperwork ready for us to get SBA Loan, very slow on response, my Company is a Veteran owned company, I will shopping for a new bank soon, I have been with this Bank 37 years
I have been waiting patiently to get a response about when the funds will be released for us to move forward this will be hard moving forward we will have to come up with a lot of new business strategy