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.
Posts tagged as “sba”
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.
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
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.
The $349 billion Paycheck Protection Program is intended to help small employers weather the pandemic. But whether it does isn’t clear.
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…
This part of the CARES Act allows small businesses to borrow 2.5 months of payroll expenses (up to $10 mil) and not have to pay those loans back as long as they are spent on payroll and overhead per the rules the government lays out.