Poll: Many Nearing the End of Loan Forgiveness

Date: June 02, 2020

Almost half of small-business owners to seek the help of a CPA in figuring out the application

FOR IMMEDIATE RELEASE
Contact: Suzanne Budge, Idaho State Director, [email protected]
or Tony Malandra, Senior Media Manager, [email protected]

BOISE, Idaho, 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.

“The anxiety small-business owners have had the past three months is not letting up,” said NFIB Idaho State Director Suzanne Budge, whose association conducted the poll of its members. “First the PPP ran out of money and needed a second infusion, keeping many of them in the lurch, then the U.S. Small Business Administration released an 11-page application for loan forgiveness that will be complicated in filling out, next the House just voted to give more flexibility in loan compliance but the Senate has yet to act, and now the time to file for forgiveness is rapidly running 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.”

Keep up with the latest on Idaho small business at www.nfib.com/idaho or by following NFIB on Twitter @NFIB_ID

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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.

National Federation of Independent Business/Idaho
802 W. Bannock, Ste. 301
Boise, ID 83702
208-345-6632
www.nfib.com/idaho
Twitter: NFIB_ID

 

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