New Survey Says 13 Percent of SMBs Approved for PPP

According to a new survey from CNBC and SurveyMonkey only 13 percent of small businesses were approved for loans through the Paycheck Protection Program; 45 percent of the 30.7 million small businesses applied for funding; 7 percent already received capital and 18 percent were still waiting for a response from a lender; the SBA’s other program, Economic Injury Disaster Loan Emergency Advance, showed even worse numbers with 3 percent saying they were approved and 16 percent still awaiting a decision; the numbers underscore how tough it has been for small businesses during the crisis; without aid to help them 31 percent of SMBs will last only a few months, 7 percent less than a month and 6 percent less than a week if current lockdowns continue; the uncertainty within the law is another issue small businesses have been struggling with as they are unsure if taking the money is the best thing for their company; “Many small business owners just didn’t like the model and knew they could not abide by the rules,” Karen Kerrigan, CEO of the Small Business & Entrepreneurship Council, said to CNBC. CNBC

  • With efforts in many different areas of the team, she helps manage, organize and execute digital and event content. She works with webinars, podcasts, social media along with managing the hundreds of speakers that attend our conferences. Emily was a part of the Zimmerman Advertising Program at the University of South Florida. She graduated in 2019 receiving a Bachelor of Science in Business Advertising.

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