Frustrations are mounting on Main Street due to a lack of guidance from the Small Business Administration on PPP loan forgiveness, a new survey shows.
Government aid initiatives like the Paycheck Protection Program have helped small businesses.
The National Federation of Independent Business reports that 80% of small business owners applied for a PPP loan, and of those who applied 90% received funding. Most are moving ahead with using the funds, as there is an 8-week window to spend the money from the time of disbursement, with 75% allocated to payroll and 25% to other expenses like rent and utilities in order to be forgiven, according to the survey, which collected data on May 18 from 685 business owners.
Borrowers report requirements are challenging to either comply with or to meet in order to qualify for maximum loan forgiveness. Nearly half they say using the loan within the 8-week window is somewhat or very difficult, and the same amount find it very or somewhat difficult to get employee headcount back to pre-crisis levels.
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