As the CARES Act stimulus program was running out of money last week, nearly 60 percent of the boat dealers that responded to MRAA’s research reported that they had applied but had yet to receive their funds.
As noted in an early-April survey, close to 90 percent of boat dealers had already applied or planned to apply. This, according more than 450 survey responses.
By the end of last week, more than 420 dealer responses showed that 57 percent of dealers had applied and had still not received their funds, while 30 percent of the respondents had already received their funds.
Nearly 60 percent of boat dealers who applied for a federal loan under the
U.S. stimulus program have yet to receive their funds.
“We were told we should have the funds next week,” reported one dealer.
“The SBA approved us, but we have been waiting over seven days for loan documents from the bank,” said another.
“How long should this take?” asked another.
Many of the dealers who had not received their funds reported frustration and confusion with the process of applying and receiving their loans.
“We are approved and have a loan number,” noted one dealer. “Since we have this info, are we guaranteed the money?”
“This is taking too long,” commented another. “The process, as far as communication, is very poor!”
“The SBA has funded us, but now it’s on to the necessary bank documents before we get the funds,” said another. “It’s been weeks and a damn-convoluted process.”
“My CPA said that since I have not received a PIN number yet to re-file,” one dealer explained. “She said the SBA sent a memo out that if no PIN was received that the business should re-file. Some applications got lost in confusion.”
MRAA wrapped up the survey results the day the CARES Act ran out of money. Yesterday, the U.S. Senate approved a nearly half-trillion-dollar additional aid package that includes $380 billion for small businesses. There’s hope that the U.S. House of Representatives will pass the bill later this week.
Thirteen percent of last week’s respondents reported that they had not applied, which falls in line closely with the combined 12 percent of early-April survey respondents who said they were undecided or didn’t know enough about the loans yet or that they did not play to apply.