Top
image credit: Unsplash

New Survey Shows PPP Loans Not Getting to Smallest Businesses

Larger small businesses are more likely to receive a COVID relief loan compared to smaller businesses according to a survey by Bench.co. More than 60% of the businesses with annual expenses exceeding $500,000 have received either a Paycheck Protection Program (PPP) or an Economic Injury Disaster Loans (EIDL) loan. This is compared to smaller businesses with $50,000 or less in annual expenses accounting for 20% of those who got a PPP or an EIDL loan.

So far though the PPP loan is advertised as forgivable, but only 6% of small businesses who were lucky enough to get the loans have had their loans forgiven so far. This number is likely to increase as the end of the 10-month deferred payment period comes to an end.

Read More on Small Business Trends