. “Due to current appropriations for this program, the SBA will make initial loan disbursements for two months of working capital up to a maximum of $15,000 per applicant.”
Sullivan confirmed he sent the email, which he said was meant to ensure the Chamber gave accurate information to state and local chambers of commerce trying to guide small businesses through the loan application process. “We are going full speed at trying to get information into the hands of small businesses,” he said.
The Economic Injury Disaster Loan program is one of two initiatives designed to help small businesses suffering due to the pandemic. A second, larger effort, known as the Paycheck Protection Program, offers loans up to $10 million but stipulates that 75 percent of the money must be used to cover payroll.that the SBA’s system used to authorize the loans has crashed periodically since it launched last week and the some community banks still lacked access to it.
The SBA loan in reality was very easy to apply for (only a 4 page app) and the funds came through within 2 days from applying.
It would probably be more generous if it had kicked in weeks ago, before Democrats blocked it for identity politics.
Once again everyone in metropolitan areas are screwed. Small businesses shutdown only getting $15,000 over 3 months isn’t enough to keep the lights on in a big city.
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Small-Business Loans Face Delays Even as Coronavirus Program ExpandsThe first applicants still await funding, fueling anxiety among business owners whose revenue has tanked during the coronavirus pandemic. I would assume most small businesses are not prepared to navigate the inevitable bureaucracy like major corporations. I wouldn't presume something is nefarious. raycene1 Great job stevenmnuchin1 you guys are doing an incredible job!
Herkunft: WSJ - 🏆 98. / 63 Weiterlesen »
U.S. approves $168 billion of small business loans under coronavirus plan: KudlowThe United States has approved 661,000 loans to small businesses totaling $168 billion under a program to address the fallout from the novel coronavirus epidemic, White House economic adviser Larry Kudlow said on Friday. They should be grants, seeing as how the Fed, and the central banks caused this problem in the first place! FilmyourHospital EmptyHospitals CoronaVirusHOAX This dude will never get the COVID19.. I'm convinced the more liquor in your system, the safer you are. But hey, I'm not a doctor nor a scientist. 🤷♀️ 168 billions out of 2.2 trillions and with a recently fired watchdog inspector that was going to supervise the money? Yeap we got screwed again.
Herkunft: Reuters - 🏆 2. / 97 Weiterlesen »
Senate Democrats block $250 billion in small business relief, accuse McConnell of a 'political stunt'The decision to prevent the relief from passing came despite another 6.6 million people filing for unemployment benefits last week, bringing the total number of Americans who've said they've found themselves jobless in the past three weeks. good for them, gotta watch moscowmitch carefully, he is such a turd Republicans just blocked a critical bill to aid small businesses, all because it also included help for communities on the front-lines, hospitals, and nutrition benefits for those going hungry. Shameful. Confronting this crisis requires helping ALL who need it.
Herkunft: Newsweek - 🏆 468. / 52 Weiterlesen »
Senate Democrats Block GOP Effort To Boost Small-Business AidSenate Democrats blocked a GOP effort to add $250 billion in small-business loans. Sen. Ben Cardin, D-Md., called Mitch McConnell's request a 'political stunt' — saying it won't help small businesses as quickly as adding more funding for grant programs. Same way Mitch blocked $250M to beef up election securities. Sad during a pandemic it has to come down to this. No one pushes the Madam Speaker around. Democrats have become republicans Dems want oversight on the spending Not allowing it to be a give away to big biz
Herkunft: NPR - 🏆 96. / 63 Weiterlesen »
U.S. small business rescue program gets capital and liquidity clarity, brings fintechs onboardThe U.S. government's $350 billion effort to help ailing small businesses took several steps forward on Thursday as regulators confirmed banks would not have to hold capital against loans made under the program, and non-bank lenders were admitted to it. JCPENNEY deserves support too. Refinance their debt to extend payments to a bearable level.
Herkunft: Reuters - 🏆 2. / 97 Weiterlesen »