Most businesses responding to a Paychex survey about Payroll Protection Program loans—64 percent have received funding. But of the remainder, who have an application approved or pending, 46 percent say they will go out of business if they do not receive the funds.Of those still waiting, 60 percent say a loan will help them retain or rehire all employees while 28 percent more say they will be able to retain or rehire at least half of their pre-COVID-19 workforce. The business survey is part of a five-week series by Paychex, which polled 300 randomly selected business owners with 2 to 500 employees.
Among those businesses that have not yet received funding, 15 percent have been approved and are awaiting payment, another 10 percent have submitted paper work and are awaiting approval.
Among those surveyed, 49 percent are fully open and operational, 42 percent are open on a limited basis and 9 percent are closed but plan to reopen.
Most business owners are worried about the possibility of another wave of infections with 84 percent expressing concern. Sixty-two percent report they could afford to close and reopen again, while 38 percent could not.
