Tags: Coronavirus | ppp loans | small business owners | loan forgiveness

Poll: Most Small Business Owners Want PPP Loans Forgiven

a man is shown hanging an open sign in a florida restaurant
Juana's Latin Sports Bar & Grill employee hangs the open sign on May 18, 2020 in Miramar, Florida. The six-year-old family own restaurant with 30 plus employees re-opened two months and lost over $300,000 of revenue during that time. The restaurant was approved for a PPP loan on May 6. (Sipa via AP)

By    |   Thursday, 21 May 2020 08:28 AM

More than half of small business owners who received financial aid from the government say they want their loans to be forgiven, according to a new survey.

A National Federation of Independent Business survey shows that most business owners, who received funding, like a PPP loan, will use the funds and expect them to be forgiven. 

Poll results indicate:

  • 80% of small business owners polled applied for a PPP loan and of those who applied 90% say they were allotted funding.
  • 54% of business owners polled say they expect the entire loan to be forgiven. 
  • Nearly 3 in 4 small business owners surveyed say the terms and conditions of the PPP loan are difficult to understand.

The report indicates that some borrowers are finding the loan requirements challenging to comply with in order for the total amount to be forgiven. Nearly half of those surveyed reported it is somewhat or very difficult to spend the money in the 8-week window that is required. 

The PPP loan requirements state money must be spent in 8-weeks and used for payroll at 75% and other expenses, like rent and utilities, at 25% max in order for the loan to be eligible to be wiped away. 

Almost one-in-five borrowers said it would be difficult to get employee headcount back to pre-crisis levels, which is also a requirement for forgiveness. 

The survey polled 685 business owners on May 18. 

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More than half of small business owners who received financial aid from the government say they want their loans to be forgiven, according to a new survey.
ppp loans, small business owners, loan forgiveness
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2020-28-21
Thursday, 21 May 2020 08:28 AM
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