The National Association of Women Business Owners (NAWBO) shares some startling insight into the economic landscape for women business owners during the COVID-19 pandemic.
In a NAWBO National snap poll, of the members surveyed who applied for a Paycheck Protection Program (PPP) Loan, an Economic Injury Disaster Loan (EIDL), or an Emergency EIDL grant as of April 21.
- approximately 51% of applicants had not received the PPP Loan,
- approximately 93% of applicants have not received the EIDL Loan, and
- approximately 78% of applicants have not received the Emergency EIDL grant.
“A third of our members surveyed said that in a month or less, their businesses would fail without financial assistance,” said Jeanette Armbrust, Chair of the NAWBO National Board. “We are urging the U.S. House of Representatives to swiftly pass the help that small businesses so desperately need.”
Prior to COVID-19, women business owners represented the fastest growing economic sector in the country, employing 9.4 million and generating $1.6 trillion in revenue.