Melville, NY – April 28, 2023 – With the pandemic seeming more and more like a distant memory and shops taking down their “masks required” signs, for many business owners, the financial ramifications are still having an effect. The government is still issuing PPP and other COVID-related loans. If a business owner applies for a loan, it shouldn’t matter whether they’re a man or woman, but this survey found some interesting numbers.
The majority of men (76%) received non-COVID business loans over $150,000 USD, while only 18% of women received that much. For COVID-related business loans over $150,000 USD, similar numbers appeared in men’s favor (66%), and 16% of women received that amount. Men (90%) were almost twice more likely to get a COVID business loan than women (50%).
New figures from Tayne Law Group, P.C., a debt relief firm, suggest women are less likely to receive business loans. A survey of 100 self-employed business owners with at least two employees found that men and women were treated differently when applying for business loans, both COVID-related and non-COVID-related.
The survey provides insight into how a business owner’s gender may affect their financial stability when relying on business loans. Since COVID, five times as many women-owned businesses say they’re worse off compared to those owned by men (22% for women vs. 4% for men), which could be a direct result of loan approval ratings favoring men.
https://attorney-newyork.com/business-loan-statistics/
Of the business owners who received a COVID-related loan, 11% of women received zero forgiveness for their loan, as opposed to men, all of whom received at least some loan forgiveness. Furthermore, 75% of men had their entire COVID loan forgiven, while only 25% of women experienced the same treatment.
As a woman-owned business, Tayne Law Group advocates for fellow women entrepreneurs and their right to success. This debt relief firm is here to help those women who have experienced unfair treatment from banks because of their gender.
Since 2001, Tayne Law Group has helped thousands of people resolve their debt for a fraction of what they originally owed. The founder, attorney Leslie H. Tayne, started the firm to ensure people have a team of experienced debt professionals who can help guide them through difficult and stressful situations. From American Express and Discover to Macy’s and Forster & Garbus, they work with many different types of creditors. The team is committed to compassion, understanding, and building a strong relationship with the clients.
Media ContactCompany Name: Tayne Law GroupContact Person: Lea DerosaEmail: Send EmailPhone: (631) 470-8204Country: United StatesWebsite: https://attorney-newyork.com/
