Spending funds in 8 weeks a major concern
May 27, 2020
The National Federation of Independent Businesses, which is an advocate for small and independent businesses, says the Paycheck Protection Program offered by the Small Business Administration proved popular with its members. They’re concerned about meeting the program’s forgiveness guidelines, though.
“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.”
Key findings from the survey include:
The majority of small businesses expect their expenses to be forgiven.
Complying with the PPP loan and loan forgiveness terms and conditions is challenging for small businesses.
Owners have questions about how to spend the funds.
Additional financial support over the next 12 months may be needed for many small business owners.
Some small business owners find themselves competing with the unemployment benefits offered through the CARES Act.
The full survey is available here.
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