The administration is in a race against time, trying to provide families and businesses with enough money to survive the devastating economic plunge caused by the pandemic. Neither the White House nor the Treasury Department could say when asked late last week how much of the $2.2 trillion has actually reached needy Americans. Economists have said that the cash infusions will be crucial for sustaining the world’s largest economy.
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Desperate small business owners who hoped for a quick government lifeline to help them survive the coronavirus crisis are still without funds, instead battling red tape, wary banks and swamped computer systems.
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.
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.
Owners were supposed to be able to get up to $2 million. Now they’re being told the cap is $15,000 — if they can get any answers at all.
There have been extensive updates to the SBA Disaster Loan program in both the FFCRA and the CARES Act. Because of COVID-19, essentially all small…