Washington, D.C. (PPD) — The National Federation of Independent Business (NFIB) released a survey finding the vast majority of small businesses who applied for Paycheck Protection Program (PPP) loans received them.
A total 80% of members applied for a Paycheck Protection Program (PPP) loan and nearly 90% have received the loan. Most of the loans were deposited between mid-April and mid-May.
“Small businesses continue to face many challenges in operating their business in these difficult times,” said Holly Wade, NFIB Director of Research & Policy Analysis. “Congress and the Administration have the authority to further lighten the burden for many of their immediate concerns, especially in offering more flexibility for PPP loans.”
More than half (54%) of small business owners are expecting all of their expenses to be forgiven and 27% expect at least 75% or more of loan expenses to be.
The NFIB Small Business Optimism Index fell another 5.5 points to 90.9 in April. Small business optimism has fallen 13.6 points over the last two months. In March, optimism fell 8.1 points, the largest drop in the 46-year history of the survey.