Karen Kerrigan, president and CEO of the entrepreneur trade group SBE Council, said the SBA has proven it has the ability to scale up for disasters, however, she noted it does depend on the scale of the disaster and magnitude of loan volume in this case. And she said she
"This is not like a hurricane that flattens a town," Hurn said of the SBA's historical disaster definition. "What should probably have been the realm of FEMA is the realm of the SBA." The U.S. Chamber of Commerce Chief policy officer Neil Bradley said on CNBC Monday that basic blocking and tackling of the SBA disaster loan program is among its top three legislative priorities.
"We've got to triage this," Hurn said. "If the business was thriving until mid-February and it's fallen off a cliff and that's company, and there are a lot of them, with 20-30-40-50 employees, they won't have the reserves to make payroll," Hurn said. "Those are the people we can help." Kerrigan said the big bank CEOs who met with President Trump last Wednesday pledged to keep the capital flowing to small businesses. "It would be nice to hear specifically how they are going to help," she said.The congressional review of the SBA disaster loan history showed the average loan approval and disbursement was four weeks. That may be too long in this situation, and the SBA has not yet laid out rules for how loans will be evaluated and made in this scenario.
"Having access to that capital as quickly as possible will be critical to the survival of many of these businesses," Kerrigan said. "As well as their ability to hold onto employees or bring back workers that they have had to lay off."
acorns Why do small businesses get loans but large corp get bail outs? Asking for a friend
acorns Want to help small businesses Buy gift cards from them and use in the future, this will give them cash flow. Your favourite Coffee shop Store Bar Theatre Etc Every little bit helps