NEW YORK (AP) – Desperate small business owners who hoped for a quick government lifeline to help them survive the coronavirus crisis are still without funds, instead battling red tape, wary banks and swamped computer systems.
Thousands of owners who applied for loans under the government’s Paycheck Protection Program are in their second week of waiting for their money.
And thousands who sought relief through Small Business Administration economic injury disaster loans have waited even longer – some since mid-March.
A few have gotten money. But a panoply of issues at the SBA and banks have far more wondering if they’ll be able to stay in business – they’ve been forced to close their doors due to social-distancing regulations or because customers have cut back their spending.
Those in limbo include owners hoping to avoid layoffs.