CARES Act Loans Start To Land For Small Business Owners, As Over 50% Decide To Apply For Relief

BOSTON, April 13, 2020 /PRNewswire/ -- Based on the most recent Alignable.com Pulse Poll of 42,700 small business owners this weekend (April 10-12), CARES Act relief checks have started to appear in bank accounts for around 1% of those who have applied, showing that the loan process is, indeed, working from start to finish for some early applicants.

Compared to last week, there's also a significant surge in applications among small business owners, as only 33% said they applied last week, and that number has escalated to over 50% -- a promising sign for the U.S. small business economy.

Beyond the CARES applicants with their money in hand, around 5% have been approved and are still waiting for the money, and close to 64% have applied, but haven't been approved yet.

For those who've decided to apply, 11% are still having trouble with banks that aren't ready to handle the applications. In some cases, these small business owners are now trying to find better lenders.  

"Despite some ongoing challenges, the application process for the loans is showing many promising signs," said Eric Groves, Alignable.com's Co-Founder and CEO. "However, this week, it will be crucial for the survival of many small businesses that the government and the banks quickly deposit the money for the other 68% percent of businesses that have been approved or await approval. Many of these businesses are running out of cash and need that infusion ASAP."

And for the nearly 50% of small business owners who have not applied yet for CARES loans, the situation is even more challenging, as several obstacles remain in their way.

For more than 60% of this group, they're not sure if they qualify for the loans (nearly 42%) and/or if they can trust that their loans will be forgiven (over 18%). Alignable's next poll will dive deeper into these obstacles; however, these findings indicate that the government might need to further clarify the rules to make sure all companies that qualify get the money they deserve.

Survey Methodology

This survey was conducted via email with a random sample of Alignable's membership database of 4.5 million+ small business owners. It includes results from April 10-12, 2020 -- 42,700 responses from small business owners throughout the U.S. with 1-50 employees. Alignable's Pulse Polls are the most immediate and comprehensive polls available reflecting the sentiments of small business owners.

Stay tuned for new poll findings throughout the rest of the Coronavirus crisis and the eventual recovery. For more information about this poll, please contact Chuck Casto via email: [email protected] or text: 508-314-3284. #SmallBusinessStrong #paytoday #shoplocalonline

SOURCE Alignable

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