Coronavirus (COVID-19): Relief options and Additional Resources
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New NFIB PPP Survey Results show SBA Financial Assistance Helped Most Applicants

Release Date: 
Thursday, June 4, 2020
Release Number: 
20-18
Contact: 
matthew.coleman@sba.gov

NEW YORK – The National Federation of Independent Businesses (NIFB) results of a small business survey showing the positive impact the Payroll Protection Program (PPP) administered by the U.S. Small Business Administration (SBA) continues to have on small business.

The survey shows that more than three-quarters of eligible businesses have applied for a PPP loan, and that 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 is 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 Regional Administrator Steve Bulger, who oversees the federal agency’s operations in the Atlantic and Mid-Atlantic regions. “NFIB’s recent study only confirms what we are seeing in the SBA’s Atlantic and Mid-Atlantic regions combined. Our data indicates that 826,696 small businesses received $104 billion in loans. This goes to show that 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 and SBA staff, as well as SBA partner organizations, to assist lenders and small businesses understand the process of applying for a PPP loan and helping them get the money to pay their employees and creditors, while allowing them to stay in business as we ride out this pandemic. There is still plenty of money in the PPP appropriation, but small business owners who feel that this program could help them need to act now.  Now is really the time that they should contact a participating lender and apply for a loan,” Bulger added.

For information about SBA resources and services, visit: SBA.gov/coronavirus.

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About the U.S. Small Business Administration

The U.S. Small Business Administration makes the American dream of business ownership a reality. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow or expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov.