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 (51-60)
I applied for PPP immediately and filled out the preliminary form which my banker said would get me in the queue. Then filed the full application when it was available. We were going to pay staff while our doors are closed. I also applied twice for the SBA disaster relief also with request for the 10,000 advanced. So far I have only received notice from the SBA that they have run out of funds. So the assistance that was supposed to be our safety net has failed.
I applied for PPP at 8am Friday April 3rd with my local bank. I received a confirmation email that I started the process and the next step will be the formal application.
Next I received an email on April 16th that they are out of money and a promise that if there is more money given I would be consider for the loan.
What a joke.
I have submitted over 50 EIDL applications directly to the SBA for my clients and NONE have received advances or funding. None of the banks seem to be funding PPP.
We have applied with our bank for the PPP loan and the only response has been we have your paper work and now the money has run out. I have been in business 25 years and with the same bank for over 15 , I have to say I’m highly disappointed with the level of communication from them and honestly doesn’t seem like the really give a crap. I think to many people who gamed the system fraudulently applied and took funds from people that actually need it, I am pissed!
I worked with my banker Joe Kenworthy at Sage Capital Bank. He was meticulous and precise. Everything went according to plan. We were funded on Thursday.
I run a small 4 lawyer law firm. I kept the doors open for the first month. Business was slow but we had funds in trust that we could earn. However, What’s the courthouse is closed we had fewer and fewer opportunities to earn money that we could have earned had the courthouse has been available or head the judge has been more willing to have hearings via zoom.
While I had kept everyone employed for the first month with a pay cut, it was obvious that’s I would have to forlough employees as we started running out of available work (we did get some new clients in and I can already see the bankruptcy will be a growth area for us once again.) The PPP loan came in on Thursday and I have been able to reinstate the pay cut so that we can properly pay our staff under the PPP guidelines.
I applied for the EIDL on March 25. Never heard anything, not even an email confirmation. Today, 4 weeks later, the SBA pulled my credit report. Frustrating and stressful, because of the real possibility of losing our business if we don’t get some relief. However, I am hopeful and I know the SBA is doing everything they can to do what’s never been done before.
Stay safe, everyone. Support your favorite local restaurants with take out orders. We are all in this together and together we’ll see it through.
Poor response by the President for Covid-19 testing and financial relief to the people.
I was able to file the initial application through Bank of America but then the ongoing filings continued to come and when I had questions about information needed, there were no contact people to give me any answers. I'm still working on it, but questioning wht since the program is broke. Bank of America specifically has recording after recording saying we're here to help but all they have are numbers that go to endless ring ring ring no answer, disconnects and people who can't give you information if you actually get a human being. And after HOURS you are still sitting there with the inability to pay your bills. It has been incredibly frustrating, damaging, and unrealistic.
Wells Fargo took applications for 1 morning that evening they were out of money. The only customers that got PPP were the larger corps that already had loans out. The truly small business was completely left out in the cold, we will see what happens this time around.
As an Event and Real Estate Photographer, I have to start a different genre now.
Just got an email this morning from Chase that they are currently reviewing my payroll. After that it goes to SBA for approval.