Most Small Businesses Want PPP Loans Forgiven

About 80 percent of small businesses that are members of the National Federation of Independent Businesses have applied for SBA loans, and 54 percent are hoping for them to be forgiven, according to a recent survey.

“Small businesses continue to face many challenges in operating their business in these difficult times,” said Holly Wade, NFIB Director of research and policy analysis. “Congress and the Administration have the authority to further lighten the burden for many of their immediate concerns, especially in offering more flexibility for PPP loans.”

Among the NFIB’s findings are:

  • Over half (54%) of owners with a PPP loan are expecting all of their expenses to be forgiven.
  • Twenty-seven percent of borrowers expect at least 75% or more of loan expenses to be forgiven.
  • Very few PPP borrowers are interested in using the funds as a low interest, two-year loans.

Read more from NFIB here.