was just published Thursday night, and some banks are still preparing to accept applications. “Many banks are still writing code,” said Karen Miller, the former head of the SBA under the Obama administration.
Getting these PPP loans out is an ambitious goal for the SBA. ”$349 billion is 10 times the record year of SBA-guaranteed loans in 2010,” Miller said. “It is a Herculean task to get this out and distributed in weeks or months.”There are multiple ways for small businesses and small-business owners to get SBA relief.Economic Injury Disaster Loan ProgramNow, if your business existed on Jan.
You can get both a PPP loan and an EIDL loan, but you can’t double-dip and use both loans for the same purpose, the guidance . According to the U.S. Chamber of Commerce, “if you are able to secure a PPP loan, the $10,000 grant will be subtracted from the forgiveness amount.”Since loans will be given on a first-come, first-served basis, you should apply as soon as you can. More than 58,000 Bank of America customers have applied for $6 billion in loans since Friday morning, CNBCThe last day to apply for and receive a loan is June 30. Small-business owners with less than 500 employees could begin applying Friday.
The problem is that there is so much money 'available' and none of it has been disbursed.
$10k advances were promised within three days of completing the application. That was five days ago. No one has received anything yet. Low income Americans are still waiting on the $1200 they were promised. All talk, no action.
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