When They Control The Rules…. Small-business disaster loan limit slashed

SBA slashes disaster-loan limit from $2 million to $150,000, shuts ...

The Small Business Administration has slashed its limit on loans under an emergency disaster lending program from $2 million to $150,000 due to overwhelming demand.

The agency also is blocking all new applications from small businesses under the Economic Injury Disaster Loan program.

The longstanding program is separate from the Paycheck Protection Program created in response to the coronavirus pandemic, aiming to help small businesses continue paying employees through the crisis.

The disaster loan program did get more than $50 billion in new funding under coronavirus relief bills Congress has passed since the outbreak began.

The SBA now has a backlog of applications.

%d bloggers like this: