Some small business owners shy away from a second loan from the Paycheck Protection Program until their first is forgiven in full, a new study finds.
More than half of small business owners have not yet received a PPP loan waiver from the Small Business Administration, and 13.4% of businesses who said they needed a second PPP loan have not applied for it from fear their first wouldn’t be forgiven, according to a new survey of 1,093 small businesses by Payroll and Benefits Gusto.
And while many small businesses have applied for a second PPP loan, they are stuck in the dark: About a third of the small businesses eligible for a second loan that have applied for it have not heard of approval.
Read the full story on cleveland.com’s sister site, Cleveland Business Journal.
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