Banks are leery of ending up in regulatory or legal crosshairs down the road, so some are doing more due diligence than the stimulus program requires.
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Small-business relief fund is shrinking; governors seek at least $500 billion for states to avoid service cuts
Plans aim to stem soaring job losses and provide payroll funds for companies hurt by the pandemic
Demand for the loans appears to be so high that it has overwhelmed the Small Business Administration, even though Congress set aside billions of dollars to help the program make loans and grants.
First applicants are still waiting for funds, fueling anxiety among business owners
A federal program to help small companies weather the coronavirus fallout has failed to distribute funds quickly, according to lawmakers, business advocates and entrepreneurs, many of whom are counting on the aid to survive.
For companies in dire straits, the situation is increasingly untenable, and some members of Congress are finally starting to acknowledge that businesses will close forever if the chaos doesn’t end. Democratic senator Ron Wyden of Oregon today called for “cash assistance” to be included with the next package of coronavirus-related relief.
The federal loans are meant to keep employees on company payrolls, but businesses forced to close say there’s little for their workers to do.
Here are the details on how small business owners can access the SBA’s resources. This article will continue to be updated as new information becomes available.
McConnell, McCarthy insist Trump administration’s call to grow program must be met immediately