WASHINGTON–Even with the $1.9-trillion American Rescue Plan now passed and stimulus checks on their way to most Americans, a new survey over the Paycheck Protection Program (PPP) has found an overwhelming majority of the owners of businesses with fewer than 10 employees believe the government should do more for the small business community.
The survey was conducted by the National Association for the Self-Employed (NASE), and is based on a poll of its membership.
“The COVID relief bill is a vital step to getting our community to the other side of this pandemic. It is no secret the small business community continues to hurt from the economic fallout of the pandemic and needs critical government relief,” said President/CEO Keith Hall. “An overwhelming 88% of respondents to our member survey indicated they supported the federal government enacting another round of stimulus, including loans for the small business community.”
The Findings
Among the findings in the survey:
- 88% indicated they are supportive of the federal government passing additional stimulus relief for small businesses, including additional PPP loans
- 62% have experienced a loss in revenue resulting from the COVID pandemic, with 52% reporting either having to close or partially close their business (defined as a reduction in services by at least 50%)
- 68% believe that the federal government did NOT “provide adequate financial support for the small business community through the creation of the Paycheck Protection Program” originally.
- 74% received no financial support through the first round of PPP funding
- Of those who did receive the initial PPP support, 64% say it lasted “2-4 months,” was used for payroll (84%) and believe it should be forgiven up to $50k (60%).
‘Time to Come Together’
“Given many of our members were unable to receive PPP funds during the first round of the program, we are heartened the new eligibility requirements will allow more self-employed and gig economy workers to access these critical funds,” said Hall. “Now is the time for Congress to come together and pass much needed relief for the small business community.”