Some small business owners are avoiding a second Salary Protection Program loan until the first is fully forgiven, a new study shows.
More than half of small business owners have yet to receive the Small Business Administration’s PPP loan forgiveness, and 13.4% of companies that said they needed a second PPP loan did not apply for fear that the first would not be. forgiven, according to a new survey of 1,093 small businesses by payroll and Gusto benefits provider.
And while many small businesses have applied for a second PPP loan, they are stuck in limbo – about a third of small businesses that applied for a second loan have received no response on approval.
Read the full story on cleveland.com’s sister site, the Cleveland Business Journal.
Get the best local business news sent straight to your inbox with the Cleveland Business Journal. Free to subscribe.