How has COVID-19 affected Small Business, here's what America's Small Business Owners said.

Covid-19 Small Business Survey 
NFIB Research Center 7-7-2020 

The number of small business owners applying for a Paycheck Protection Program (PPP) loan remained generally unchanged since mid-June with 80% having applied for a loan. Over half (56%) of PPP borrowers have spent all of their loan funds with the remaining 44% likely not far behind.

The PPP loan forgiveness period was extended to 24-weeks with the passage of the PPP Flexibility Act of 2020 signed into law June 5, 2020. Borrowers are now allowed to use their loan beyond the original 8-week limit, offering additional time to pay for qualifying business expenses. The extension to a 24-week covered period is widely popular with 59% of borrowers opting for the added time to use their loan for forgiveness, 38% kept or plan to keep their original 8-week period.

FULL REPORT FREE HERE. 

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