Almost 75% of small businesses in a survey applied for help from a federal loan program designed to keep workers employed during the C-19 coronavirus chaos, but only 38% of small businesses received any money, according to survey results the US Census Bureau released Thursday.
Crude Oil extraction and mining businesses had the best success in getting loans from the Paycheck Protection Program (PPP) with more than 50% of businesses surveyed in that sector reporting getting some help, according to the Census Bureau’s Small Business Pulse Survey.
Just under 50% of small businesses in manufacturing and about 45% of small businesses in accommodations and food services reported receiving loans, the survey said.
The Paycheck Protection Program administered by the Small Business Administration (SBA) has dispensed more than $530-B in low-cost loans to millions of small businesses to cushion them from the sharp economic downturn induced by the C-19 coronavirus chaos.
Have a healthy day, Keep the Faith!
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