A new survey by the Natural Products Association (NPA) shows how hard the natural products industry has been hit by the COVID-19 crisis. According to the survey, one in four natural products businesses were unable to submit their application. Twenty-four percent of businesses who reapplied for a PPP (Payback Protection Plan) loan received one. This new survey is a follow up survey of natural products businesses that was released on April 21, 2020.

Additional details of the survey include:

• 70 percent of businesses applied for a PPP loan, down 3 percent from the initial survey

• 46 percent of businesses that applied for a PPP loan have not received a loan

• 27 percent of businesses were unable to submit an application for a PPP loan

• $1,862,500 in loans has been received by businesses, 22 percent of the total amount of requested in the initial survey

“Parts of the industry have been hit harder than others, but the fact that our businesses have stayed open as essential in most states has helped to mitigate some of the impact,” said Daniel Fabricant, PhD, president and CEO of NPA. “As our nation opens the economy back up, we will have to continue working with the administration, governors, and lawmakers to support our small businesses.”

For more information, visit https://www.npanational.org/.