Their emergency loan money was supposed to arrive in days. They've waited weeks
Small business loans through the Economic Injury Disaster Loan program have been plagued by long delays and inadequate capital.
The average loan requested has been $200,000. However, the Small Business Administration capped loans at $15,000 due to high demand and low federal funding.A loan program meant to pump fast cash into small businesses has failed on almost all accounts, according to business owners. But money that was supposed to arrive within days has, weeks later, not yet shown up, and entrepreneurs are getting substantially less capital than originally envisioned.
"Now they're pulling the rug out from under us," said Lee, 40. "It feels like the government is overlooking America's smallest companies."The program is the lesser-known cousin of the Paycheck Protection Program, a $349 billion forgivable loan program created by the $2 trillion coronavirus relief package signed March 27.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
The best way to spend your $1,200 stimulus check, according to financial advisersYour stimulusdeposit could arrive as soon as this week — here’s how to use the money wisely.
Read more »
Man jailed after breaking mandatory quarantine by sneaking out of hotel to visit girlfriendJonathan David, 35, was arrested after he snuck out of his hotel room in Perth, Australia, on multiple occasions when he was supposed to be self-isolating for 14 days.
Read more »
Michelle Money's Ex Says Daughter Is Talking Again After AccidentMichelle Money's ex, Ryan Money, is giving a health update on their daughter Brielle. Click here for more details.
Read more »
The Surprising Way You Should Be Storing CeleryIf you aren’t supposed to keep celery in the plastic bag it came in, where are you supposed to keep it?
Read more »
Destiny 2’s Doomsday Countdown Timer Just Did Something TerrifyingWell, I have been waiting for this moment all week long in Destiny 2, and my prophecy of moving dots did not disappoint.
Read more »
Little Known About COVID Patients' Loss of SmellMany people with COVID-19 who lost their sense of smell weeks ago are still waiting for it to return, but when that might happen is unknown, experts say.
Read more »