on Sunday and he said the company had "several hundred thousand" businesses to put into the next round of funding.stated on its website
that it will continue to process existing Economic Injury Disaster Loan applications on a first-come-first-serve basis, but that it's unable to accept new applications. The SBA's disaster loans aren't new, but the CARES Act greatly expanded who is eligible and total funding available. The first round allocated $17 billion and the second round allocated another $60 billion.
When the CARES Act was initially signed, any EIDL applicant was eligible to receive a $10,000 cash advance, even if they weren't ultimately approved for the loan. But once the program rolled out, the SBA limited the advance to $1,000 per employee not to exceed $10,000 per company. Several Democratic legislators including House Speaker Nancy Pelosi and Senate minority leader Chuck Schumer have urged the SBA and Treasury to reverse this limitation with the new funding and give every business the full $10,000.
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