APRIL 10, 2020

News Roundup for Small Business Owners

The latest news about relief efforts for small businesses, particularly via the Paycheck Protection Program (PPP) and Economic Injury Disaster Loans (EIDL).

• As of yesterday, the American Banking Journal reports that $205 billion of the $349 billion allocated for the PPP has been claimed. For those of you who without a calculator, that’s means only about 40% remains. This has been a frustrating process for small business owners, but I think we all owe a debt of gratitude to all the bankers out there who have been working around the clock with less-than-clear instructions to make this happen. So far, this amounts to 820,000 small businesses receiving funding, or approximately $250,000 per small business. (American Banking Journal)
• COVID Loan Tracker has data from over 4,000 small businesses. This pool is showing a lower funding amount (median is just over $150,000), and only 2.7% of the businesses surveyed report that they’ve received their PPP. (COVID Loan Tracker)
• What should you do if you’re still waiting? If you have yet to apply, don’t wait any longer. Congress and the President have made assurances that more funding will come, but it’s certainly not guaranteed. If you have applied but are still waiting on your bank, try smaller community banks. There are a few new participants processing loans (PayPal, Intuit, Square, etc.) who have had more time to gear up and may have a shorter line. (Entrepreneur, TechCrunch)

Previous Entries:

Friday, April 10 | Thursday, April 9 | Wednesday, April 8 | Tuesday, April 7 | Monday, April 6

Masterplans is a veteran-owned business that specializes in providing the highest-level business development consulting located in Portland, Oregon. For 17 years we have helped thousands of entrepreneurs launch new businesses and put their ideas in motion. Now, more than ever, we want to see these same businesses survive the largest economic disaster of our generation.