Here’s how the survey insights of over 16,000 business owners across the US can be concluded.
Where are the CARES funds?
The US government stopped drawing applications for two key CARES Act Relief Programs. 70% of the business owners falling in this particular category, are in a state of confusion wondering if their application will be accepted or rejected. The remaining 15% are looking forward to their funds to arrive.
What percentage of small businesses close their doors due to COVID-19?
With approximately 98% of business owners embracing 25% or greater impact, 44% of businesses have closed their doors. Nevertheless, the vast majority of those who have closed promises to resurface as the situation seems to subside.
Why did some small business owners not apply?
For the business owners who did not apply: 36% weren’t well equipped with eligibility criteria, and didn’t feel they qualified for the CARES Act.
The most common answer was because they were independent contractors, solo entrepreneurs, or self-employed. This was highly disappointing to notice this trend as we are aware that they were equally eligible.
Whereas, another 20% were working on applying but missed the deadlines.
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