While government aid initiatives like the Paycheck Protection Program have helped small businesses, frustrations are mounting on Main Street due to a lack of guidance from the Small Business Administration on loan forgiveness and how to use the funds appropriately to avoid being on the hook for repayment, a new survey shows.
As the Covid-19 pandemic continues to rattle the economy, nearly all small businesses are being negatively impacted from mandated closures to layoffs and lost sales. The National Federation of Independent Business reports that 80% of small business owners surveyed applied for a PPP loan, and of those who applied 90% received funding.
