The Small Business Administration has been at the center of the Trump administration’s plan to help SMBs survive as the coronavirus continues to disrupt the economy; while it seems as if the PPP program has improved in recent days the Economic Injury Disaster Loan program is facing some serious issues; businesses tell the New York Times that they are not receiving the funds they were initially approved for and in many cases they are only getting a fraction; companies who apply can receive up to $2mn with an initial grant of $10,000 that would not need to be paid back; companies are not receiving the grant and many are now worried they will receive nothing at all; “The fact that S.B.A. is limiting Economic Injury Disaster Loans to an initial disbursement of $15,000 shows that there is a clear need for more resources for this program,” said Senator Ben Cardin, Democrat of Maryland, to the New York Times; as with the PPP the EIDL was never intended to handle such an influx of applications and Congress needs to figure out a way to add funds before it is too late. NY Times
