How important was the program to small businesses?

• More than half the loans and nearly a third of the loan money were distributed in 2021.
  
• The average loan size was $46,000 (less than half the $101,000 average loan in 2020. )
  
• Companies were drawn to the loans because they promised forgiveness if the money is used for payroll and other essentials.

Other SBA administered disaster loan programs | Click to find information regarding other SBA programs, including some designated for specific small business categories like restaurants and theaters..

“Main Street is doing better as state and local restrictions are eased, but finding qualified labor is a critical issue for small businesses nationwide Small business owners are competing with the pandemic and increased unemployment benefits that are keeping some workers out of the labor force. However, owners remain determined to hire workers and grow their business.”‘

NFIB Chief Economist Bill Dunkelberg

30% | Percentage of employers offering higher wages.

Dunkelberg said businesses have to compete with the amount of money people are receiving in unemployment benefits. “And, of course, they’re competing with each other for the people who are qualified.”

Other key survey findings include:

• Seven of 10 NFIB survey components improved and three declined.
• Sales expectations over the next three months improved eight points to a net 0% of owners, a historically low level.
• Earnings trends over the past three months declined four points to a net negative 15%.
  
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“(Customers) rely more on the internet to research and discover products to buy. For example, search interest for products like the “best exercise bikes,” “best ring lights” and “best air fryers” increased by 100% or more in the last year. Shoppers don’t just turn to Google for things they want to buy on the web; they also use Google to find what they need nearby. Over the past year, we’ve seen a significant increase in commercial intent across Google including Google Search, Google Maps and YouTube,”

Igor Liskovets
Google director online to offline ad solutions

Shopping Nearby with Google Search

Whether it’s to support small businesses in their community or ensure a nearby store has the item they need in stock, consumers are using Google Search to research their shopping trips in advance. 

Here are some examples of the phenomena.

• Searches for “local” + “business(es)” have grown by more than 80% year over year, including searches like “local businesses near me” and “support local businesses.”
• Searches for “who has” + “in stock” have grown by more than 8,000% year over, including searches like “who has nintendo switch in stock” and “who has gym equipment in stock.”

Google has seen an increase in online research before heading out to a restaurant or to get takeout.

At Google, the company recently found that:

• 66% | Percentage of dining consumers who said they used search to find food and beverage information during the pandemic.
• 57% | Percentage of dining consumers who said they discovered food and beverage information during the pandemic via online ads.

Exploring new products on YouTube

YouTube has become a part of not just the shopping process, but the local shopping process too. For example:

• 45% | Percentage of viewers say they watch YouTube to see a product demo before buying.
• 2% | Percentage of viewers say they are 2x more likely to go in-store or online to buy something they saw on YouTube versus the competitive average.

Starting their journey on Google Maps

Google Maps has become a more critical part of the local user experience, as people use maps to explore something they’re interested in, versus just for navigation:

• Searches on Google Maps for “curbside pickup” have increased 9000% year over year in the U.S.
• Searches on Google Maps for “discounts” have grown globally by more than 100% year over year.
• Searches on Google Maps for “gift shop” have grown globally by more than 60% year over year.

Visits to local stores and restaurants continue to be top of mind in the new year:

Top Generic Searches on Google Maps:

• restaurants
• hotels
• restaurants near me
• gas
• food
• food near me
• grocery store
• gas station
• coffee
• pizza

Top Brands Searched on Google Maps:

• walmart
• starbucks
• home depot
• target
• mcdonald’s
• costco
• chick fil a
• walgreens
• cvs
• bank of america

Source: Google Data, U.S., February 2021

Connect offline shoppers to your store.

1. Support your local small business: In 2020, Google helped drive over two billion direct connections, including phone calls, requests for directions, messages, bookings and reviews for U.S. businesses.

2. If you run a business with physical stores: It’s crucial to make sure your customers can easily find you online. Check our Google’s best practices guide on how to drive offline sales with online ads. 

• GOOGLE ADS
• Thanks to Igor Liskovets, Google director online to offline ad solutions
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• First Draw PPP Loans for first time program participants
• Second Draw PPP Loans beginning January 13, 2021 for certain businesses who have previously received a PPP loan

The SBA is currently accepting Paycheck Protection Program PPP loan applications from participating lenders.

• Lender Match can help connect you with a lender.
• You can also view all lenders near you on a map.

PPP Reopened January 11

First Draw PPP Loans started on Monday, January 11, and Second Draw PPP Loans on Wednesday, January 13.  The PPP will open to all participating lenders shortly thereafter. Updated PPP guidance outlining Program changes to enhance its effectiveness and accessibility was released on January 6 in accordance with the Economic Aid to Hard-Hit Small Businesses, Non-Profits, and Venues Act.

This round of the PPP continues to prioritize millions of Americans employed by small businesses by authorizing up to $284 billion toward job retention and certain other expenses through March 31, 2021, and by allowing certain existing PPP borrowers to apply for a Second Draw PPP Loan.

Key PPP updates include:

• PPP borrowers can set their PPP loan’s covered period to be any length between 8 and 24 weeks to best meet their business needs;
• PPP loans will cover additional expenses, including operations expenditures, property damage costs, supplier costs, and worker protection expenditures;
• The Program’s eligibility is expanded to include 501(c)(6)s, housing cooperatives, direct marketing organizations, among other types of organizations;
• The PPP provides greater flexibility for seasonal employees;
• Certain existing PPP borrowers can request to modify their First Draw PPP Loan amount; and
• Certain existing PPP borrowers are now eligible to apply for a Second Draw PPP Loan. 

A borrower is generally eligible for a Second Draw PPP Loan if the borrower:

• Previously received a First Draw PPP Loan and will or has used the full amount only for authorized uses;
• Has no more than 300 employees; and
• Can demonstrate at least a 25% reduction in gross receipts between comparable quarters in 2019 and 2020.

The new guidance released includes:

• PPP Guidance from SBA Administrator Carranza on Accessing Capital for Minority, Underserved, Veteran, and Women-owned Business Concerns
• Interim Final Rule on Paycheck Protection Program as Amended by Economic Aid Act
• Interim Final Rule on Second Draw PPP Loans.

For more information on SBA’s assistance to small businesses, visit sba.gov/ppp or treasury.gov/cares.