In a recent survey of small business owners, 65% of the participants said they don’t believe the economy will fully return to “normal” until 2022 or later.

Findings from an NFIB Research Center survey released yesterday (Monday, 4.20.2020) revealed that most small business owners surveyed are still waiting to hear about their application status in the Paycheck Protection Program and the Economic Injury Disaster Loan program. The survey took place on April 17, the day after the programs ran out of money.

“Small businesses were prepared and ready to apply for these programs, the only financial support options for most. It is very frustrating that the majority of these true small businesses haven’t received their loans yet. Small businesses make up nearly half of the economy and it’s crucial that their doors stay open.”

Holly Wade
NFIB Director of Research & Policy Analysis

Key Findings of the Survey:

75% | Percentage of survey participants (almost all employer businesses) had submitted an application for a PPP loan as of April 17. (When the survey took place.)

20% | Percentage of submitted applications that were fully processed with funds deposited in the borrower’s account.

80% | Percentage of applications that are still waiting, many not knowing where they are in the process.

40% | Percentage of the small business owners who had successfully submitted an application for an EIDL through the SBA website.

77% | Among those who submitted an application, most (77%) requested the emergency grant of up to $10,000.

10% | Of those who requested the EIDL emergency grant, about 10% have received the funds.

Most small business owners surveyed believe it will take until 2022 or longer for the economy to fully recover

33% |Percentage of survey respondents who believe their community will be back to a normal level of economic activity by the end of 2020.

40% | Believe more normal levels of economic activity wont return until 2021.

25% | Believe it won’t be until 2022 before the economy returns to normal.


Related Articles

SBA Slashes Disaster-Loan Limit from $2 million to $150,000

After initially telling businesses that individual disaster loans could be as high as $2 million, SBA has now imposed a $150,000 limit.

IRS Announcements Provide Guidance on Small Business Tax Issues and Tools

Do you have a tax-related question? You may find the answer here.

An Overview of the New & Improved Small Business Paycheck Protection Program

The PPPFA provides two new exceptions for borrowers to qualify for forgiveness even if their workforce isn’t fully restored.

How John Krasinski Grew ‘Some Good News’ Into Some Even Greater News?

How actor John Krasinski found ‘some good news’ in the era of coronavirus.

State-by-State Listing of COVID-19 Resources

Each state has its own unique listing of COVID-19 resources. Here are some from each.

Coronavirus (COVID-19): Small Business Guidance & Loan Resources (SBA)

Recommended strategies that employers can use now.

100+ BigCo CEOs Predict Dire Consequences if Congress Fails to Pass Small Business Pandemic Relief

100 CEOs called on Congress Monday to pass long-term relief to ensure small businesses survive the coronavirus pandemic.

Retailers (Large & Small) are Seeking a Nationwide Mask Policy

Since the onset of the pandemic, retailers — of all sizes — have been on the front lines of interactions with customers and suppliers.

President Trump Signs Small Business Loan Funding Bill

Funding package increases aid to small businesses, hospitals and Covid-19 testing.

Lawmakers, Officials are Preparing Significant Changes to PPP Loan Program

Both changes follow small business owners who say they can’t hire back staff while they are closed during the coronavirus pandemic.

Helpful Work-Related COVID-19 Articles from the U.S. Centers for Disease Control and Prevention

CDC resources and articles organized in a work-related table of contents.

Survey: Small Business Employees Say Covid-19 Could Lead to More Work-at-Home Adoption

Employees of companies — large and small — are bracing for the ongoing impacts of Covid-19.