Some small business owners shy away from a second loan to protect the Paycheck program until their first is fully forgiven, a new study shows.
More than half of small business owners have not yet received PPP loan forgiveness from the Small Business Administration, and 13.4% of businesses that said they needed a second PPP loan did not apply, for fear that their first would not be forgiven, according to a new survey among 1,093 small businesses by wage and benefits provider Gusto.
And although many small businesses applied for a second PPP loan, they were caught – about one-third of the small businesses eligible for a second loan that applied for it had not yet heard of approval.
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