Updated: Feb 15, 2022
Are you eligible for what is remaining? Still want to apply? Time may be running out.
By Thomas W. Tramaglini, BRP Onesta
We recently polled over 1,400 BRP Onesta clients who own one or more small businesses. Of the responses we received, most (84.2%) were thankful of the PPP and EIDL programs, and many (68.3%) said it was not enough.
Perhaps the biggest recent barrier identified has been the expansion of the EIDL loan – on our count, of the 1,487 business owners we received results from, 1,299 said they had requested more funding as per the guidance of the SBA and to date, 97.1% of our clients said they were either declined for more funds, been told they needed to provide more documents, or that their applications have been processing for months. To date, only 2.9% of our clients have received additional EIDL funds.
What was successful?
The PPP program was certainly a move in the right direction -
Since the beginning of the pandemic, small business owners have taken advantage of several programs to help them get through the COVID-19 pandemic. For instance, as of December 20, 2021 there were 11,453,936 applications received by the Small Business Administration (SBA Data Report) for funding under the Paycheck Protection Program (PPP). Of the over 11 million applications, over 79% of the applications were approved amounting to funding of $791,420,024,727. To date, $662,273,930,930 of PPP funds have been forgiven (83.6%) meaning the small business does not have to return the funds which they borrowed. The majority of business owners who we have spoken to say the funds were the right help at the right time. While there were major hiccups in PPP funding along the way, clearly it has made