Coronavirus updates: Global COVID-19 death toll tops 200,000
The federal government’s disaster loan fund for small employers has drawn far less scrutiny than the infamously deficient Paycheck Protection Program, but it may be just as dysfunctional.
The Economic Injury Disaster Loan (EIDL) program, recently expanded to cover businesses affected by the coronavirus, offers qualified firms emergency cash advances of up to $10,000 on low-interest loans worth up to $2 million that are repayable over 30 years.
It sounds promising, but small business owners who have applied for the loans through the U.S. Small Business Administration describe the process as confusing and complain that the money is slow to materialize.
“We put in our EIDL application right away. First we were told it was for $10,000. About a month later, on April 23, we found money in our account, but it wasn’t anything close to what we thought we were getting,” said K.B. Brown, owner …continued .
[Source: CBS News]