Almost three-quarters of NFIB members who responded to the survey said they applied for a PPP loan, while 26% said they were in the process of submitting an application when funding ran out. The NFIB said it didn’t ask how many members who applied had been approved but not yet funded.
The program, which was enacted last month as part of a $2.2 trillion relief package in response to the virus outbreak, offered loans of as much as $10 million. The loans convert to grants if proceeds are used to keep workers on the payroll and cover rent and other approved expenses for about two months, a short-term stopgap designed to help businesses get by until the economy reopens.
About 40% of NFIB members surveyed reported applying for an EIDL loan from the SBA, but only 1% reported receiving proceeds as of April 17. Of those who applied for EIDL loans, 77% also requested an emergency advance of as much as $10,000 that doesn’t have to be repaid, but only 10% had received money, NFIB said.