Latest News: Money Starts Flowing to SMBs via CARES Act

We've been running a poll since the start of the Coronavirus outbreak asking you about the impact on your business, how you're accessing the funds you need, and other pressing issues related to the crisis. 

In our latest poll with 42,700 responses, you told us that over half of you have either applied for CARES Act funding or are planning to do so (thanks for chiming in!). 

Despite some ongoing challenges, the application process for the loans is showing many promising signs.

If you have questions about whether you're eligible for the Paycheck Protection Program or what the requirements are, check out the latest FAQ from the SBA with the most recent information. 

Top 4 Insights from Alignable's Latest Pulse Poll

Here are the top insights from your responses and helpful resources you can use to get the information your business needs.

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1. More of you are applying for CARES Act funding than reported last week

Last week, only 33 percent of you said you were applying or planning to apply for CARES Act loans, and as of today (Monday, April 13), that number jumped to over 50 percent—a promising sign for the U.S. small business economy.

If you haven't applied yet or are on the fence about applying, our article on CARES Act loans and resources can help you weigh your options.

2. Many of you are waiting for approval

Close to 64 percent of you who have applied for CARES Act funding are waiting to be approved. Others are approved but waiting for money (five percent) or have received it already (less than one percent).

This week, it will be crucial for the survival of many small businesses that the government and the banks quickly deposit the money for the other 68 percent of businesses that have been approved or await approval; many of these businesses are running out of cash and need that infusion ASAP.

3. Some of you are struggling to find lenders

According to the data, 11 percent of you are still having trouble with banks that aren’t ready to handle your applications, and some of you are trying to find better lenders. 

To find a lender, you can search the SBA's list of approved lenders by state. If you're an Alignable member, you can also find a list of highly recommended SBA lenders in your area right on the platform.

4. Those of you who haven't applied yet worry about eligibility and loan forgiveness

Nearly 50 percent of you have not applied yet for CARES loans because you're concerned about qualifying (42 percent) and loan forgiveness (over 18 percent). 

These findings indicate that the government might need to further clarify the rules to make sure all of you who qualify get the money you deserve.

• See if you qualify by reading The Small Business Owner’s Guide to the CARES Act and exploring FAQs about the Paycheck Protection Program
• Get the latest information about eligibility and requirements for the Paycheck Protection Program from the SBA
• Learn more about loan forgiveness in this interview with SBA Regional Director Bob Nelson

What's Next

We want to know more about the barriers you're facing in applying or receiving CARES Act loans, so we can help you make the best decisions for your business. Be sure to update your responses to the poll, and check back in for the latest updates and resources about funding.

Have you applied for CARES Act funding? What are some wins or challenges you've faced in the application process? Tell us in the comments.

Related content: Find more information on the CARES Act and other funding sources in our Coronavirus Resource and Recovery Center