Member Exclusive

Data Snacks: New data shows the majority of SMBs didn’t even bother to apply for PPP assistance

  • SMBs have struggled to survive during the pandemic.
  • A new survey shows that in spite of all the fintech resources, many didn't even bother applying for relief.
close

Email a Friend

Data Snacks: New data shows the majority of SMBs didn’t even bother to apply for PPP assistance

The Coronavirus pandemic has hit the small business community hard. To help, the U.S. passed The Cares Act and with it, the Paycheck Protection Program, intended to keep small businesses afloat without having to layoff employees. But new data shows that many SMBs didn’t even bother applying for relief.

Big banks generally focused on their own larger commercial customers, letting SMBs founder. So, some small businesses found their way to being resilient using specialized fintech tools and software. Fiserv and Intuit both supported financial services customers and small businesses. Fiserv and Intuit both supported financial services customers and small businesses. Financial data firm set up an SBA application portal for its banking partners. It took Sunrise Banks 5 days working with software firm Anvil to help 1600 SMBs access over $100 million in relief funds.

SMBs are still struggling. While many SMBs applied and were denied assistance, many didn’t even bother, according to new data from Intuit.


This content is available exclusively to Tearsheet Outlier members.

Tearsheet Outlier information and signup Missing out? Subscribe today and you’ll receive unlimited access to all Tearsheet content, original research, exclusive webinars and events, member-only newsletters from Tearsheet editors and reporters and much more. Join Outlier now — $59/mo Already an Outlier member? Sign in to your account

0 comments on “Data Snacks: New data shows the majority of SMBs didn’t even bother to apply for PPP assistance”

Deep Dive, Member Exclusive

Deep Dive: Square

  • Square is one of the seminal financial services companies of this generation.
  • Here's a deep dive into Square's products, business, and company.
Rimal Farrukh | January 15, 2021
Data Snacks, Member Exclusive

Challenger banks shift from growth mode to focus on profitability

  • Challenger banks around the world have sprouted up like mushrooms after the rain.
  • As they mature, neobanks go through a lifecycle where they shift from growth at all costs to focus on profitability.
Zachary Miller | January 14, 2021
Member Exclusive, Payments

Contactless pay is here to stay: What about QR codes?

  • The use of QR codes is slowly growing in the US.
  • Their increased popularity may stick around even after the pandemic.
Rivka Abramson | January 11, 2021
Data Snacks, Member Exclusive

2020 was the year of the mega-deal for fintech VC

  • 2020 saw a record number of firms raise investment rounds over $100 million.
  • Firms like Chime, AvidXchange, Klarna, and Robinhood demonstrated investor appetite for mature fintech companies.
Zoe Murphy | January 08, 2021
Member Exclusive

Affirm is going public: Here’s a peek at some of the people behind the payment firm’s success

  • Buy now, pay later leader Affirm is going public soon.
  • Here's a look into the senior product and marketing people behind the firm's growth.
Rivka Abramson | January 07, 2021
More Articles