80% of Small Business Loan Applicants Are Still Waiting

In a recent survey of small business owners, 65% of the participants said they don’t believe the economy will fully return to “normal” until 2022 or later.

Findings from an NFIB Research Center survey released yesterday (Monday, 4.20.2020) revealed that most small business owners surveyed are still waiting to hear about their application status in the Paycheck Protection Program and the Economic Injury Disaster Loan program. The survey took place on April 17, the day after the programs ran out of money.

“Small businesses were prepared and ready to apply for these programs, the only financial support options for most. It is very frustrating that the majority of these true small businesses haven’t received their loans yet. Small businesses make up nearly half of the economy and it’s crucial that their doors stay open.”

Holly Wade
NFIB Director of Research & Policy Analysis

Key Findings of the Survey:

75% | Percentage of survey participants (almost all employer businesses) had submitted an application for a PPP loan as of April 17. (When the survey took place.)

20% | Percentage of submitted applications that were fully processed with funds deposited in the borrower’s account.

80% | Percentage of applications that are still waiting, many not knowing where they are in the process.

40% | Percentage of the small business owners who

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Real Business Owners Don’t Avoid Pain

Trevor Cowley and Kale Goodman, serial entrepreneurs and business partners, share how surviving tough financial times prepare an entrepreneur for future successes.

1 min read

Opinions expressed by Entrepreneur contributors are their own.

Trevor Cowley and Kale Goodman, serial entrepreneurs and business partners, talk about some valuable lessons they’ve learned about financial stability while launching businesses like Easier Accounting and 60 Day Credit Repair, as well as how they are working to help small business owners of all kinds to grow and develop.

Cowley, Goodman and The Playbook host David Meltzer chat about a variety of topics, including why schools neglect to teach students basic skills like budgeting, why you need to evaluate your lifestyle and business operations during tough times and how to create a partnership agreement that ensures equitable profit distribution.

Related: Seek the Superpower Within Yourself and Others

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PPP Funds Exhausted: SBA No Longer Accepting Loan Applications

The $349 billion small business loans in the Paycheck Protection Program has been exhausted, according to the Small Business Administration. As of today (April 16, 2020), all loan applications received by banks but not yet submitted to the SBA will not be completed nor will the SBA continue to process a backlog for PPP applications once additional funds are authorized. Any loan applications that have received an SBA authorization number will receive an SBA guaranty.

The program was aimed at helping businesses with less than 500 workers and keeping people employed by extending loans that are forgivable if businesses keep workers on payroll.

  • The $349 billion Paycheck Protection Program was a central piece of the $2 trillion economic rescue law passed three weeks ago.
  • Republicans and Democrats say more action is needed to build on the law but they cannot agree on what to do.
  • The economy continues to tank but lawmakers are scattered all over the country advancing conflicting proposals and bickering.

“The SBA has processed more than 14 years’ worth of loans in less than 14 days.  The Paycheck Protection Program is saving millions of jobs and helping America’s small businesses make it through this challenging time.  The EIDL program is also providing much-needed relief to people and businesses. By law, the SBA will not be able to

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SBA touts $250 billion loan approvals, but there’s little evidence small businesses are seeing cash

The Small Business Administration said that banks have approved nearly $250 billion in emergency lending to American small businesses, but there is scant evidence that much of that money is actually making its way into the hands of business owners, many of whom say time is running out before the coronavirus epidemic could force them to shutter permanently.

“In general, the system is not working well,” said John Arensmeyer, chief executive officer of advocacy organization Small Business Majority, in an interview with MarketWatch. “Even businesses that have heard their loans have been approved haven’t seen any money yet.”

The SBA said Tuesday that more than 1 million loan applications for Paycheck Protection Program (PPP) loans have been approved by 4,664 lenders for roughly $247 billion dollars, through April 13, but have provided no information on how much money has actually been disbursed.

The Paycheck Protection Program was established by the CARES Act, and offers forgivable loans for small businesses that have been forced to shutter or scale back operations as a result of the coronavirus epidemic, on the condition that it maintain employment at precrisis levels.

JPMorgan & Chase Co.

announced during a call with analysts Tuesday that “we funded $9.3 billion to businesses with over 700,000 in employees,” but others, like Wells Fargo & Co.

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How Coronavirus is Affecting Small Businesses in Some States More Than in Others

Coronavirus has dealt a heavy blow to small businesses across the U.S. With most of the U.S. under some form of lockdown, some businesses have managed to adapt by having employees work remotely. However, many business owners have been forced to lay off staff and have watched their revenue plummet to zero.

87% | A recent WalletHub survey found that 87 percent of the small business owners surveyed said their business is hurting from the coronavirus.

35% | Percentage of small businesses participating in the survey who said their business cannot last more than three months in current conditions.

Where does your state rank in small business negative impact? (Hover over your state.)

In order to find out where the pandemic has caused businesses to struggle most, the personal finance website WalletHub compared the 50 states and DC across 12 key metrics. Their data set ranges from the share of small businesses operating in high-risk industries to small-business credit conditions and the state’s small-business friendliness.

More findings from the WalletHub research

  • Hawaii has the highest share of small-business employees operating in highly affected industries, 57.66 percent, which is 1.5 times higher than in Pennsylvania, the state with the lowest at 38.59 percent.
  • Wyoming has the lowest share of businesses with e-commerce sales activity, 9.60 percent, which is 1.8
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8 Tips for Running a Startup Like a True Leader

Motivate and engage your team to do their best work.

5 min read

Opinions expressed by Entrepreneur contributors are their own.

Everybody thinks they’re a leader, but most are far from it. Successful startups, at all levels, depend on leadership and the ability of a few to organize both day-to-day and long-term goals. On the face of it, this sounds simple, but the reality is that not everyone is cut out to lead and to run a successful startup. It requires a certain mindset and armory of skills. These eight tips can help you lead your team. 

1. Be confident, passionate and positive

Confidence is addictive, and if you show a confident face, your team will also become empowered. That leads to strong, positive teams who are able to hit the ground running. Passion and enthusiasm are contagious. Great leaders are passionate about what they do, and they strive to share that passion with everyone around them. Positivity ties in with passion but sometimes positivity is harder to spread than negativity. Research has found that positive thinking is more beneficial to a team than any other non-financial motivator, and it promotes a healthy team mind-set.

Related: 5 Signs You Need to Step Back as Founder of Your Startup

3. Plan

Project teams run on planning. But

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