Wexton Releases Results of VA-10 Small Business Lending Survey
The survey includes responses from almost 200 VA-10 small businesses who have applied for relief through recently enacted Small Business Administration lending programs
Sterling, April 15, 2020
Sterling, VA -- Today, Congresswoman Jennifer Wexton (D-VA) released the results of a survey her office conducted of VA-10 small businesses that have applied for Small Business Administration (SBA) loans. The survey asked respondents to provide feedback on their experience applying for loans and grants through the Paycheck Protection Program (PPP) and Economic Injury Disaster Loan (EIDL) program. The results of the survey reflected national reporting on the troubled rollout of the two loan programs. In total, there were 198 responses.
Key excerpts from VA-10 small businesses:
“Has been very confusing as guidelines are changing daily. I don’t like signing for something no one fully understands.”
“I haven't received notice that the SBA even received my application”
“The SBA gave me a confirmation number regarding my application for the EIDL. I haven’t heard from them once (2weeks)”
“We are dying on the vine here.”
“The government said we could apply on 4/3, but the bank wasn't ready until 4/5...I've been keeping 12 people on payroll through my emergency savings for two weeks…”
“This is taking much longer than anticipated. I also applied for the grant and have not heard anything back about it or the EIDL. It's been almost two weeks. I've been mandated to close since March 24th and am still paying full rent and expenses for April and likely May and June also.”
Wexton raised the alarm regarding the rollout of small business relief efforts by the administration early on. Shortly before the Paycheck Protection Program was to be implemented, Wexton urged local lenders to do what they could to support small businesses while pressing the administration to issue additional guidance on the implementation of the PPP loans.
Wexton has been in regular contact with both small businesses and lenders. On Monday, she held a Small Business Town Hall where she presented constituent questions to the Washington Metropolitan District Director for SBA. Shortly afterward, she met with Virginia bankers to discuss what could be done to streamline the disbursement of PPP loans.
Respondents were asked the following questions after being asked to provide their name, zip code and the name of their business:
Wexton’s survey of small businesses took place from April 9 through April 13. It was conducted through her e-newsletter sent directly to the emails of more than 170,000 VA-10 constituents, shared with local chambers of commerce, posted to her social media channels, and served as a Facebook ad to residents of Virginia’s 10th Congressional District.