April 18th Poll: CARES Money Starts To Get To Business Owners In Need
Here's what we've learned from this week's survey of over 16,000 business owners across the U.S.
Where's The Money?
Earlier this week, the U.S. Government stopped accepting applications for two key CARES Act Relief Programs. For the business owners who got in under the wire, 70% are in a state of limbo wondering whether or not their applications will be accepted and 15% are waiting for the funds to arrive.
44% Of Small Businesses Close Doors Due To COVID-19
With 98% of business owners seeing 25% or greater impact on their businesses, 44% of businesses have closed their doors. However, for those with closed doors, the vast majority are saying: "I'll Be Back!" That's the #SmallBusinessStrong spirit.
Here's Why Some Small Business Owners Didn't Apply
For those who’ve decided not to apply, 36% didn't feel they qualified for relief. Reading the comments, the most common answer was because they were solo entrepreneurs, independent contractors, or self-employed.
This was disappointing because as we found in our discussion with Bob Nelson from the Small Business Administration, they were eligible.
Another 20% were working on applying but missed the cutoff.
Please let us know your status regarding the CARES Act loans, sharing what your experience has been so far. #SmallBusinessStrong
Comments (1-10)
Well, I submitted for ppp at 8am the day my bank
accepted applications. Heard nothing from them until this week when in a form letter we were told the money ran out.. makes me wonder if it was really first come first serve. Or what seems more likely an opportunity to show some favoritism to certain customers. Meanwhile I have kept my staff on in my small health office.. as I was asked to do... and promised some support.. and running a big deficit doing so. Oh and landlord not accommodating an inch . Sorry for venting . Just not happy at the moment
The lack of money is a direct result of the failure of the PPP program to tie the number of employees in a sector to the percentage of loans granted, not a first come first serve cherished list of friends in high places. A disgraceful execution of the "real" small business owners who are the backbone of America. I pray for our country and my staff in these horrific times. Cenzino will pledge to honor our staff and our patrons through this Pandemic in a safe and caring atmosphere.
The money is like the virus...we know it's there..we just don't know where!
I am a freelance paralegal and have run my business for 22 years through a Bank of America personal checking account. My 1099s are reported with my EIN and my Schedule C is filed each year with the IRS. Bank of America would not help me bc they said I didn't have a business checking account - in spite of my 41 year relationship with them - soon to end. When asked the difference between the 2 accounts they replied 'the fee we charge'. I applied for the EIDL through the SBA website, and I may have gotten in under the gun. When I inquired of the SBA as to the business vs personal checking account, they said it would not make a difference.
It is shameful that Bank of America is so shortsighted that they overlooked my 41 year relationship, 22 year business and multiple monthly deposits in an effort to say my business essentially did not exist and they could not find a way to think outside the box. No worries BofA, if I get the funds, they will not sit on your balance sheet.
Once again the small business loses to large corporations. How many times have we heard this story?
People with yachts that they charter out 2 or 3 times a year, already got their money. Legitimate small businesses suffer.
We can't afford lobbyists and lawyers dedicated to reducing taxes and promoting big business. End result: millions of small businesses are just plain out of luck. And no one really cares about us.
They talk the talk but they don't walk the walk.
I think it’s a sham and only the rich are getting it.
Lets talk about the Payroll Protection Program grant/ loans? Small businesses with lower payrolls represent a low yield of payoff for the banks handling these grants. The bank gets a fee that is a percentage of the loans managed, so the firms with highest payrolls allowed to apply produce the largest fees. That's is likely to be why so few business owners of the really small variety have seen SBA/PPP grants approved.
I feel that who you bank with had a great influence on if you are getting money. It seems that small companies (mine included) who bank with smaller regional banks were able to get the app submitted and get approval quicker than your large corporate banks( Chase, Bank of America, Wells Fargo)
Many large banks were overwhelmed with apps and it was a slow and prolonged process. This is a huge win for small regional banks who were able to service their clients in a quick and timely fasion.
We received some money into our account this week, but we don’t know if it was from the emergency relief application or the PPP. No one seems to be able to tell us. Any idea how we can find out? We need to know if this loan is forgivable, or if it will need to be paid back, and if so, what I retest rate is attached to it.
I hope everyone is safe and well. I am an independent contractor. I attempted to apply for the PPP through my bank (Bank of America). Because I didn’t have a loan or commercial account through them, they would not accept my application. The BofA website said to apply through my bank (They are my bank...). Note to self....find a new bank that supports its long time customers. I subsequently applied through Congressional Bank on the second day PPP became available. I haven’t heard back regarding my application. Well, at least the big corporate hotel chains were able to get their PPP loans submitted and approved....probably through BofA. Yes, I’m a little frustrated like a lot of you, but keeping a positive outlook and will persevere. Best to all.