. “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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