New Survey Says 13 Percent of SMBs Approved for PPP

According to a new survey from CNBC and SurveyMonkey only 13 percent of small businesses were approved for loans through the Paycheck Protection Program; 45 percent of the 30.7 million small businesses applied for funding; 7 percent already received capital and 18 percent were still waiting for a response from a lender; the SBA’s other program, Economic Injury Disaster Loan Emergency Advance, showed even worse numbers with 3 percent saying they were approved and 16 percent still awaiting a decision; the numbers underscore how tough it has been for small businesses during the crisis; without aid to help them 31 percent of SMBs will last only a few months, 7 percent less than a month and 6 percent less than a week if current lockdowns continue; the uncertainty within the law is another issue small businesses have been struggling with as they are unsure if taking the money is the best thing for their company; “Many small business owners just didn’t like the model and knew they could not abide by the rules,” Karen Kerrigan, CEO of the Small Business & Entrepreneurship Council, said to CNBC. CNBC

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