Of 2,200 small businesses owners polled, just 13% of the 45% who applied for a PPP loan were approved. 7% of respondents had already received financing, while 18% are still waiting on a response from a lender, according to CNBC.
Those applying for a different program, the $10,000 Economic Injury Disaster Loan, fared worse - with just 3% of small business owners reporting that they were approved, and 16% still awaiting a response.
oth relief programs are run by the Small Business Administration. PPP loans are capped at $100,000 per employee and can range in size. The $10,000 advance from EIDL does not have to be repaid, making it effectively a grant.
Sole proprietorships that represent 81% of all small businesses in America is a group particularly hard hit in this credit crunch. For them the window for relief loans opened late, giving them a shorter time opportunity to garner the money desperately needed to ensure they can remain in business. -CNBC