Fifty-six percent business executives responding to the survey by the American Institute of CPAS reported their companies applied for funds through the Payrheck Protection Program. The results were result publishedin the AICPA Business and Industry Economic Outlook Survey, conducted from May 5-27 produced 1,198 qualified responses.The next most frequently cited source of assistance sought was the Economic Injury Disaster Loan, which 8 percent of respondents pursued. Thirty-five percent of respondents did not seek any government funding.
The survey has showed a sharp decline in optimism about the U.S. economy for the next 12 months with only 20 percent showing optimism. Only 24 percent plan to expand their businesses while 48 percent believe the economy will contract.
Overall, respondents expect a 5-percent decline in the next year, a dramatic swing from the first quarter when the group expected a 4.3-percent increase. They also think profits will fall by 5.5 percent.
