CHARLESTON, W.Va. — The majority of small business owners across the country have used their entire Paycheck Protection Program (PPP) loan and most are looking for more support.
The NFIB Research Center released a survey recently on the state of small business and the PPP loan.
The PPP loan application is set to close on Aug. 8 after Congress extended the deadline to allow more small business owners to participate, according to the survey.
The numbers highlighted in the survey include 71 percent of small business owners have used their entire PPP loan. However, 46 percent of borrowers say they anticipate needing additional financial support in the next six months.
Gil White, the West Virginia state director of the National Federation of Independent Business (NFIB) said his organization is asking federal lawmakers to help soon.
“Do the right thing, set the partisan politics to the side,” White said on a recent appearance on MetroNews ‘Talkline.’
“Achieve what is desperately needed and that is to continue to give economic longevity and prosperity to these small business owners that play a vital role throughout each community here in West Virginia.”
The NFIB Research Center highlighted in the survey that borrowers are now waiting for lenders to start accepting loan forgiveness applications.
The SBA has recently issued processing instructions and just over one-third of small business borrowers plan to use the EZ form. Another 61% are not sure if they will use the EZ form or the long-form, according to the NFIB.
White said there is good and bad news with the results of the survey.
“Almost half of our owners are reporting they feel that financially they are back to where they were before the shutdown. That’s encouraging at face value because from March to where we are, a lot has certainly happened,” White said of the good news.
“On the other hand, these small owners believe that if they don’t get some additional relief, they fear that 23 percent of them will either shut down or be forced to continue with furloughs or permanent layoffs.”