LendingTree Survey of Small Business Owners Finds Just 5% Received PPP Funds in First Round
- Only 5% of small business owners were approved for PPP funds, even though 60% applied for funding from the federal rescue program.
- Even when small business owners applied quickly, many have not seen a penny. About 6 in 10 respondents completed their PPP applications within the first five days (
April 3-7). Even so, only 5% have so far received funding.
- 57% of small business owners had problems applying for PPP funds, with many citing inconsistent communication from banks and a lack of clarity about required documents.
- 58% of entrepreneurs surveyed have laid off employees due to coronavirus-related circumstances, a 21 percentage-point increase from the prior month. Accommodation and food services was the hardest-hit industry, with 82% laying off workers.
"Small businesses continue to struggle as they wait for additional funding of the SBA's Paycheck Protection Program," said
For small businesses interested in learning about LendingTree's new PPP program, please visit: https://www.lendingtree.com/lp/ppp-info/
For more information about the survey and its findings, please visit: https://www.lendingtree.com/business/just-5-percent-small-businesses-received-ppp-money/
LendingTree conducted an online survey of 1,260 small business owners who had previously applied for funding through LendingTree's small business lending database. Of the total respondents, 757 business owners had applied for a PPP loan. Participants were emailed a link to participate in the survey, which was fielded using Qualtrics from
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