LANSING – Seventy-seven percent of small businesses have successfully submitted an application for the Paycheck Protection Program and the Economic Injury Disaster Loan programs, a recent survey reports.
Key Findings of today’s survey include:
The majority of small businesses have applied for a PPP loan.
- About 84 percent of applications were submitted before April 17, when the program was suspended for funding, and 16 percent of applications were submitted after April 17.
- Half of applicants submitted their application through a small or local bank, 18 percent submitted through a medium-size bank, 14 percent submitted through a large bank, and 4 percent though a financial technology (FinTech) lender.
Over half of owners have received their PPP loan.
- Forty percent of applicants are still waiting, but just under half of those waiting (45 percent) have received notice that their loan is approved.
- Just over half (55 percent) of applicants who have not received a loan are still waiting to hear from their financial institution about their loan status.
Under half of respondents applied for an EIDL.
- About 40 percent of respondents submitted a loan application for an EIDL and 60 percent of them applied before April 1.
- The vast majority (75 percent) of EIDL applicants also requested the EIDL Emergency Grant.
Owners are most concerned with getting customers back to their business.
- Virtually all small business owners are, to some degree, concerned about increases in liability claims with 38 percent very concerned about increased liability when re-opening their business.
The full survey is available here.