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 particularly 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. Financial data firm MX 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.

SPONSORED

Less than half of the small business owners surveyed (45%) said they applied for some type of relief from the SBA Economic Injury Disaster Loan Program (EIDL), the Paycheck Protection Program (PPP), Employer Retention Credits (ERC), or the US Chamber of Commerce Foundation Save Small Business Fund.

Of those that did apply, 61% of SMBs successfully received their funding.

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

Member Exclusive, The Customer Effect

‘What gets measured gets done’: The steps B2B fintechs are taking to improve customer success

  • It looks like B2B fintech is booming this year.
  • To stay in the game, B2B fintechs need to keep their customers happy. Here’s how they’re doing that.
Rivka Abramson | April 15, 2021
Data Snacks, Member Exclusive

More people would make contactless payments if they actually owned a contactless card

  • There is still a small but not insignificant portion of the population that doesn’t own a contactless card.
  • Card issuers could benefit from filling the gap in the market.
Rivka Abramson | April 12, 2021
Data Snacks, Member Exclusive

With frustrated customers, the majority of banks still don’t have a plan

  • The Covid-19 pandemic has forced banks to prioritize customer experiences and interactions.
  • Data ecosystems can help drive bank platform success for hyper personalization and risk identification.
Rimal Farrukh | April 12, 2021
Member Exclusive

With use of digital receipts on the rise, their potential for consumer insight is grabbing attention

  • Covid-19 is accelerating the spread of digital receipts.
  • And with the increase of digital receipts comes the increase of consumer data. Financial institutions and big tech want in.
Rivka Abramson | April 08, 2021
Member Exclusive

A look through LendingClub’s Q4 2020 earnings

  • LendingClub’s latest earnings report revealed an originations increase of 56 percent which surpassed the high end of its guidance range.
  • Last month, Lending Club officially repositioned itself as a marketplace bank through its acquisition of Radius Bank.
Rimal Farrukh | March 29, 2021
More Articles