And NFIB's national survey shows its the same across the country
Small Business Now Receiving Financial Help—61% Get PPP Loan Funds
In Maine, nearly 25,700 small businesses helped as of yesterday
AUGUSTA (May 5, 2020) – The National Federation of Independent Business (NFIB), the leading small business advocacy association in Maine and the nation, released a survey today on the federal Paycheck Protection Program (PPP) to determine if more funding is being approved for small businesses and if the funds are arriving in their bank accounts.
The report shows a high success rate through the second round of funding from Congress. Out of all the small businesses surveyed by NFIB, 77% have successfully submitted an application for the PPP loan, and 61% have received the funds.
In Maine, Nathan Ellis, the owner of N-E Construction LLC in Freeport said the funds from his PPP loan have arrived in his bank account. “I was most concerned, not about myself, but about the financial welfare of my 8 employees and their families. Most would have made less money on unemployment even with the additional federal stimulus. By getting the PPP loan, which was rather simple to get, I was able to have them return to work after a short layoff.”
Maureen Hassett, who owns Custom Composite Technologies with her husband in Bath said, “Our small family business got the PPP loan without a hitch. We applied early, were approved a few days later, and the money was in our account within 10 days. That will let us keep all our employees on the job and help us sustain our business through this difficult economic period. We are grateful for the support of members of Congress for getting this loan program through so quickly.”
“This second round of funding resulted in many more small businesses receiving the PPP funds,” said NFIB’s State Director in Maine, David Clough. “We are grateful to Senator Susan Collins who worked with a bipartisan group to draft the legislation.”
In Maine, as of May 1, another 9,026 small employers received $317,222,402 through the second round of PPP funding with average forgivable loan of $35,145, demonstrating that smaller businesses are receiving loans as Congress intended. The program, so far, is assisting 25,695 employers in the state.
The survey found small business owners are most concerned about getting customers back to their business. And virtually all are, to some degree, concerned about increases in liability claims with 38% very concerned about increased liability when re-opening their business.
The full survey is available here.