Almost half of small-business owners to seek the help of a CPA in figuring out the application
LINCOLN, Neb., June 2, 2020—Almost half of small-business owners will seek the help of a certified public accountant in figuring out their Paycheck Protection Program loan-forgiveness application, according to results from a poll released today by the nation’s leading small-business association.
“These past three months have been a roller-coaster ride of worry for small-business owners,” said Bob Hallstrom, Nebraska state director for NFIB, the association that did the poll. “A PPP fund that ran out of money and needed another infusion of cash, keeping many small-business owners waiting; a crying need for greater loan flexibility stalled in Congress; and now 11 pages of loan forgiveness needed to be applied for before time runs out.”
According to NFIB’s report of the poll results, “The PPP loan forgiveness conditions require small business owners to spend funds in an 8-week period starting the day they receive the loan. Qualifying expenses [payroll, rent, mortgage interest, or utilities] paid within the 8-week may be eligible for forgiveness.” Most small business borrowers are currently in the middle of their 8-week forgiveness window with some nearing the end of it. For 7% of those surveyed, that eight-week period ends before June 8, for 23% June 8-14, and then starts to decrease in percentages over time. Sixty-seven percent of small-business owners have found the loan very helpful, 14 percent moderately helpful, and 11 percent somewhat helpful.
Other findings from the poll include how much of the loan has been spent; applications for, and use of, Economic Injury Disaster Loans (EIDL); knowledge of the Federal Reserve’s Main Street Lending Program; and if any employees have taken COVID-19-related sick leave.
From Holly Wade, NFIB Director of Research & Policy Analysis
“The majority of small businesses are still negatively impacted by the economic crisis. Adding flexibility to the PPP loan forgiveness is one thing our elected officials can do to ease the burden on small businesses nationwide.”
For more than 77 years, NFIB has been advocating on behalf of America’s small and independent business owners, both in Washington, D.C., and in all 50 state capitals. NFIB is a nonprofit, nonpartisan, and member-driven association. Since our founding in 1943, NFIB has been exclusively dedicated to small and independent businesses and remains so today. For more information, please visit nfib.com.
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