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 (71-80)
During the big downturn in our economy the big banks turned their backs on small business and called many of those loans focusing on big business. Well's Fargo stated in the Wall Street Journal weeks ago that they were focusing on companies that already had loans with them. My youngest son owns his own very successful business in Boston and has an account with Well's Fargo but no loans and was told he was not able to apply for a PPP loan because he didn't have a loan or credit line. This is one of the reasons in my book, Make Your Bank Happy, I suggest that businesses go to the small to mid-market banks in their community where they can build a relationship with their banker. Many times these bankers have been with their bank for years and are active in their communities. The big banks rotate through staff far too often to ever really establish a relationship with your banker. Having the relationship with your banker before you need them is critical to your business success.
"Hold your horses, please" :-D When this over, you will want to proud of YOU.
Considering that all these funding setups and helping programs were done up in a few WEEKS - that's superhuman!
Take a moment to say HOORAY and THANK YOU, all over the place rather than "gimmie gimmie , gimmie"
We are human. Our leaders are human - and so it will take time.
I have not heard anything back pertaining to the loan. However, per JP Morgan Chase, stated that they will start providing an update in the couple days. I guess it would start this week. I will keep you in the loop to whether or not I am funded or I was denied funds.
I received an email from Independant Bank that it looks like my PPP would go through but needed one more piece of information. I don't have high hopes since big business took all the funds. As far as the Stimulus money, i'll believe it when I see it, not counting on that neither.
We applied for the PPP through Dollar Bank (In person via appointment) on 4/6/2020. All the paperwork (SBA Form 2483) was completed and copies were made for their files. I got a call on 4/9/20 that the wrong form was submitted. Then, the next day I was told to apply on Dollar Bank’s website. By then, the bailout money had been depleted.
This has crippled us, we have a staffing agency(Manufacturing)WOW.
tying to get help is so ridiculous, I even had to file for unemployment 45 days ago, still nothing, (Never ever had unemployment)nothing Funny how the banks send us loan forms weekly, and our bank (15 years) "Ran out of money " we were on the site right when it was ok'd to do so, nope, now we have went to 5 other banks praying for help, this has crippled our small family business.
They should have categorized depending on gross earnings like 1.5 million & less allocate funds so this big businesses won’t get in the way so many small businesses r just frustrated that they will not see funding at all n I have learnt wen u r in business do not bank with big banks get a local small community bank that will take care n u can talk directly to CFO or CEO n if I survive iam replacing my BOA n moving to small bank thnx for understanding stay safe n blessed all
Applied...denied. (Well not sure if it was denied or just dropped because the generic email said “due to my place in the queue”) Crickets from my (soon to be former)bank BBT/Truist bank. Thought I had a good business relationship with my bank manager and only received auto responses to emails and no answer to calls.
We are a small HVAC company. Most of our work put on hold indefinitely. Initially applied for PPP two days prior to the money run out the first time. This was through Lendio, link given to us from our small local bank. Heard back today after several emails “Your application was rejected by the borrower we sent it to, due to extreme volume of borrower requests. We are currently awaiting a response to your application from other lenders, and will update you as new information becomes available.” Last week I was informed I could apply through Bluevine which I did. Whichever one goes through first negates the other application. We were applying for $52000. Bluevine only processes applications from payrolL. Does not consider health insurance premiums or lease payments. Approved us for 36000. Lets see if we get it
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We service as a major part of our Business the Restaurant & Commercial Kitchen Industry, Which we both have been devastated!
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FireWalker, 314- 574- 6011 cell, rwfirewalker