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.
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