Please ensure Javascript is enabled for purposes of website accessibility
Survey: Oil, Manufacturing Had Best Luck With Pandemic Loans
gvw_ap_news
By Associated Press
Published 5 years ago on
May 15, 2020

Share

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.

The Paycheck Protection Program administered by the Small Business Administration has dispensed more than $530 billion in low-cost loans to millions of small businesses to cushion them from the sharp downturn induced by the coronavirus.

Photo of a store with closing signs on the front
A woman looks at signs at a store closed due to COVID-19 in Niles, Ill., Wednesday, May 13, 2020. (AP Photo/Nam Y. Huh)

Almost Three-Quarters of Small Businesses Surveyed Said They Had a Drop in Revenue

The Census Bureau survey showed that nearly two-thirds of small businesses in Arkansas, Maine, and Oklahoma, had received loans, among the highest in the nation. Trailing the rest of the nation was California, where just over a fifth of small businesses received the emergency loans.

When asked about the disparities in an email, SBA press director Carol Wilkerson said the agency didn’t have a comment to provide.

The Census Bureau launched the Small Business Pulse Survey last month in order to capture the impact of the pandemic on small businesses in near real-time. The release on Thursday was the first of what will be weekly updates. The initial survey was sent to 100,915 small businesses, and 22,449 small businesses responded from April 26 to May 2.

The survey targeted nonfarm, single-location employer businesses with less than 500 employees and receipts of $1,000 or more.

Almost three-quarters of the small businesses surveyed said they had experienced a drop in revenue, and more than a quarter said they had decreased the size of their workforce. More than 11% of the small businesses reported missing a loan payment, but that rose to 30% for small businesses in accommodations and food services, according to the survey.

RELATED TOPICS:

DON'T MISS

Rural California, Reliant on the Trump Administration for Jobs, Braces for Cuts

DON'T MISS

Wired Wednesday: CEMEX’s New Mining Plan for the San Joaquin River

DON'T MISS

Trump Fires NSC Officials a Day After Far-Right Activist Raises Concerns to Him

DON'T MISS

China Halts Approvals for New US Investment Projects

DON'T MISS

Measles Spreads to Central Texas; 5 States Have Active Outbreaks

DON'T MISS

Trump Tariff Fears Erase $2 Trillion From US Stocks

DON'T MISS

Startup Offers Controversial Microplastic Blood Cleansing Treatment

DON'T MISS

Senate Confirms Mehmet Oz to Take Lead of Medicare and Medicaid Agency

DON'T MISS

First California EV Mandates Hit Automakers This Year. Most Are Not Even Close

DON'T MISS

Pence Will Receive the Profile in Courage Award From the JFK Library for His Actions on Jan. 6

UP NEXT

Startup Offers Controversial Microplastic Blood Cleansing Treatment

UP NEXT

Pence Will Receive the Profile in Courage Award From the JFK Library for His Actions on Jan. 6

UP NEXT

Flores Homers, Matos and Wade Also Go Deep to Help Giants Cap Sweep of Astros

UP NEXT

Trump Proposes Tax Deduction for Auto Loan Interest on US-Made Cars

UP NEXT

Western US Sees Sharp Increase in Extreme Weather Impact

UP NEXT

7-Year-Old Girl Was Killed by a Falling Boulder at a Lake Tahoe Ski Resort

UP NEXT

Elon Musk Reclaims Top Spot on Forbes’ Billionaires List

UP NEXT

Lakers Hold Off Rockets With 6 3-Pointers Apiece From Dorian Finney-Smith, Gabe Vincent

UP NEXT

Athletics Bat Boy Stewart Thalblum Takes Down Drone in Left Field

UP NEXT

NFL Postpones Tush Push Decision but Passes Other Rule Changes, AP Source Says

China Halts Approvals for New US Investment Projects

15 hours ago

Measles Spreads to Central Texas; 5 States Have Active Outbreaks

15 hours ago

Trump Tariff Fears Erase $2 Trillion From US Stocks

16 hours ago

Startup Offers Controversial Microplastic Blood Cleansing Treatment

16 hours ago

Senate Confirms Mehmet Oz to Take Lead of Medicare and Medicaid Agency

17 hours ago

First California EV Mandates Hit Automakers This Year. Most Are Not Even Close

19 hours ago

Pence Will Receive the Profile in Courage Award From the JFK Library for His Actions on Jan. 6

19 hours ago

Politics Turns Ugly for a Conservative Running for Fresno State Student Body President

19 hours ago

Pentagon’s Watchdog to Review Hegseth’s Use of Signal App to Convey Plans for Houthi Strike

19 hours ago

President Trump’s Tariffs Could Be the Political Tipping Point

20 hours ago

Rural California, Reliant on the Trump Administration for Jobs, Braces for Cuts

This story was originally published by CalMatters. Sign up for their newsletters. Far from the halls of power in Washington, the forested ha...

53 minutes ago

53 minutes ago

Rural California, Reliant on the Trump Administration for Jobs, Braces for Cuts

14 hours ago

Wired Wednesday: CEMEX’s New Mining Plan for the San Joaquin River

President Donald Trump speaks during an event to announce new tariffs in the Rose Garden at the White House, Wednesday, April 2, 2025, in Washington. (AP/Mark Schiefelbein)
14 hours ago

Trump Fires NSC Officials a Day After Far-Right Activist Raises Concerns to Him

15 hours ago

China Halts Approvals for New US Investment Projects

15 hours ago

Measles Spreads to Central Texas; 5 States Have Active Outbreaks

16 hours ago

Trump Tariff Fears Erase $2 Trillion From US Stocks

16 hours ago

Startup Offers Controversial Microplastic Blood Cleansing Treatment

Dr. Mehmet Oz, President Donald Trump's pick to lead the Centers for Medicare and Medicaid Services, seated right, gives a thumbs-up alongside his wife Lisa Oz, seated left, with friends and family after he testified at his confirmation hearing before the Senate Finance Committee, on Capitol Hill in Washington, Friday, March 14, 2025. (AP/Ben Curtis)
17 hours ago

Senate Confirms Mehmet Oz to Take Lead of Medicare and Medicaid Agency

Help continue the work that gets you the news that matters most.

Search

Send this to a friend