Small-business program intended for quick grants is running weeks behind

[Yo_Mama_Been_Loggin]

An emergency loan program intended to get money swiftly into the hands of small businesses has all but collapsed under an unprecedented crush of applications and a shortage of funds, overwhelming agency officials and prompting urgent calls for action on Capitol Hill.

The Economic Injury Disaster Loan program, or EIDL, a long-standing program run by the Small Business Administration (SBA), is separate from the $349 billion Paycheck Protection Program for small businesses that is the subject of a political fight on Capitol Hill.

The federal government normally doles out EIDL loans to small businesses hurt by tornadoes and wildfires. On March 12, the SBA expanded the program to help entrepreneurs hurt by the coronavirus, offering low-interest loans of up to $2 million.

The EIDL program received extra resources from Congress’s $2 trillion coronavirus rescue package at the end of March, including $10 billion to offer grants of up to $10,000 to small businesses within three days of applying for a loan. The grants are intended to serve as a bridge for small businesses to cover rent and other expenses while they wait for the larger loans to be approved.

https://www.msn.com/en-us/money/smallbusiness/small-business-program-intended-for-quick-grants-is-running-weeks-behind/ar-BB12FP8S?li=BBnbfcN

[handmade34]

1. son just here tonight

he has applied and at least got an email from SBA... hopefully the money will come so he can hire a couple of workers

[PoindexterOglethorpe]

2. I spoke briefly with the accountant who does my taxes --

I saw him on March 23 and got the state and federal refunds three days and ten days later respectively -- and he tells me he's completely swamped with doing those loans.

[thecrow]

3. My ex works for the SBA

Usually he’s flying around from disaster to disaster, but he’s been taken off of that.
Now he is staying in his office answering emails from people who are applying for relief.
He called tonight and told me that he had now been placed as a team leader of 14
people (training and organizing them) but it’s so overwhelming.
There is a backlog of over six million applications in the system.

He said it’s bad and going to get worse.
He told me to refill my prescriptions for six months, buy a generator,
fill the freezer I don’t have with meat, and get a gun.
Maybe the prescription part is doable.
How many candles should I buy?