The NFIB Research Center released a survey that showed that the Paycheck Protection Program (PPP) and Economic Injury Disaster Loan (EIDL) Program are very popular with small business owners. The  survey showed  77% of owners (NFIB members) have successfully submitted an application.

“Today’s survey results are positive – more than half the small business owners who applied for the PPP loan have received the money. However, those small business owners now need clarity on how they can spend the money,” said NFIB State Director in Oklahoma, Jerrod Shouse. “These cash strapped entrepreneurs are asking for guidance because they all want the loan to be forgivable. The clock is ticking: the 61% of NFIB small business owners who have received the loan are already in the 8-week forgiveness period.”

Key findings of the survey include:

• The majority of small businesses have applied for a PPP loan.      
• Over half of owners have received their PPP loan.
• Forty percent of applicants are still waiting, but just under half of those waiting (45%) have received notice that their loan is approved.
• Under half of respondents applied for an EIDL.
• About 40% of respondents submitted a loan application for an EIDL and 60% of them applied before April 1.
• The majority (75%) of EIDL applicants also requested the EIDL Emergency Grant.
• Owners are most concerned with getting customers back to their business.