The Fed’s annual survey, canvassing 15,000 businesses, gives another perspective on the effectiveness of pandemic-prompted relief programs. About 91% of respondents applied for emergency funding during the pandemic, the survey found. For 82%, that was the Paycheck Protection Program (PPP). About 47% reported applying for an Economic Injury Disaster Loan (EIDL).
About 77% of PPP applicants reported receiving all of the funding they sought. But borrowers reported varying experiences depending on their lend. About 78% of those who applied for PPP through a small bank said they received all of the funding they asked for. However, that proportion decreased to 70% for applicants through large banks; 63% for credit unions; 47% for online lenders; 44% for CDFIs; and 41% for finance companies.
