Oil and mining businesses had best success in getting pandemic loans, says survey – By Mike Schneider (Associated Press) / May 14 2020
Almost 75% of small businesses in a survey applied for help from a federal loan program designed to keep workers employed during the coronavirus pandemic, but only 38% of small businesses received any money, according to survey results the U.S. Census Bureau released Thursday.
Oil extraction and mining businesses had the best success in getting loans from the Paycheck Protection Program with more than half of businesses surveyed in that sector reporting getting some help, according to the Census Bureau’s Small Business Pulse Survey.
Just under half of small businesses in manufacturing and about 45% of small businesses in accommodations and food services reported receiving loans, the survey said.
Utilities fared the worst of all sectors with less than a quarter of small businesses in that sector getting loans, according to the survey.
Continue to article: https://www.pbs.org/newshour/economy/oil-and-mining-businesses-had-best-success-in-getting-pandemic-loans-says-survey
