WASHINGTON, D.C. (April 21, 2020) — The National Federation of Independent Business (NFIB), the nation’s leading small business advocacy organization, issued the following statement on behalf of NFIB President Brad Close, following the U.S. Senate’s passage of the Paycheck Protection Program and Health Care Enhancement Act:
“The Senate’s action today couldn’t come soon enough and is good news for America’s small businesses. It contains much needed funding for the PPP and EIDL loan and grant programs and ensures that some of the funds will go through local community banks. We hope the House passes it quickly and look forward to working with Congress and the administration to address some of the significant challenges small businesses have had with the program.”
Key findings from a survey NFIB released on Monday, April 20th were:
About three-quarters of small business owners (almost all employer businesses) have submitted an application for a PPP loan as of April 17.
- About one-in-five (20%) of submitted applications have been fully processed with funds deposited in the borrower’s account.
- Nearly 80% are still waiting, many not knowing where they are in the process.
About 40% of small business owners successfully submitted an application for an EIDL through the SBA website.
- Among those who submitted an application, most (77%) requested the emergency grant of up to $10,000.
- Of those who requested the EIDL emergency grant, about 10% have received the funds.
- Essentially, all of the EIDL applicants (99%) have yet to receive the loan.
Most small business owners believe it will take beyond 2020 and into the years following to get back to normal economic activity.
- About one-third of small business owners believe their community will be back to a normal level of economic activity by the end of the year.
- Just under 40% believe more normal levels of economic activity will return in 2021.
- A quarter of owners believe it will not be until 2022 or later before the economy returns to normal.