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SBA says new survey show positive impact of PPP loans

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The small business advocacy association National Federation of Independent Businesses (NFIB), recently released the results of a small business survey showing a positive impact by the U.S. Small Business Administration’s Payroll Protection Program (PPP) in helping small businesses and nonprofits during the challenges stemming from the coronavirus pandemic.

The independent group’s survey finds that more than three-quarters of eligible businesses have applied for a PPP loan, and 93% of those received a loan. It also indicates the “vast majority of small business owners (67%) who have a PPP loan have found the loan “very helpful” in financially supporting their business, with another 14% reporting the PPP loan is “moderately helpful” and 11%, “somewhat helpful.” Only 2% say that the PPP loan was not at all helpful, and 7% said that it is too early to tell.

“The Paycheck Protection Program was created by the CARES Act to provide forgivable loans to small businesses affected by the COVID-19 pandemic to help pay the bills and keep employees on the payroll,” said SBA Mid-Atlantic Regional Administrator Steve Bulger, who oversees the agency’s operations in the Atlantic and Mid-Atlantic Regions. “The most recent SBA data show that 826,696 small businesses received $103,936,930,794 in the SBA’s Atlantic and Mid-Atlantic regions combined. This goes to show the PPP is going a long way to meet the demand of small businesses and their employees during this critical time.”

“The agency worked quickly with Treasury, SBA staff and SBA partner organizations helping lenders and small businesses understand the process of applying for a PPP loan and getting the money to pay their employees and creditors quickly, allowing them to stay in business while we ride out this pandemic,” he added. “There is still plenty of money in the PPP appropriation, and now is the time for any small business owner, who feels the program could help them, to contact a participating lender and apply.” To find a participating lender, visit https://www.sba.gov/paycheckprotection/find.

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