Three out of four U.S. small businesses have sought federal aid to cope with fallout from the new coronavirus, according to a Census Bureau survey released today, in another indication of the widespread damage caused by the pandemic.
The findings were based on a survey of about 100,000 small firms between April 26 and May 2, of which 22% responded, The Wall Street Journal reports.
Companies were asked whether they had requested financial assistance through the Small Business Administration’s Paycheck Protection Program, which offers forgivable loans to cover roughly two months of payroll and certain overhead costs.
The survey found that 75% of respondents overall sought PPP assistance, a percentage that was even higher for consumer businesses. In the accommodation and food-services sector, as well as health care, roughly 84% of respondents say they sought PPP aid.
A much smaller share of firms reported actually receiving funds through the program, however. Thirty-eight percent of respondents, on average, nationally, said they had received the loan money.
The Census Bureau survey also shows many more businesses requested aid through PPP than through a separate SBA program that offers disaster loans. Nearly 30% of businesses said they had sought the latter loans, and 10% said they had received them. Read the full story.
