SBA rations disaster relief loans to $15,000 per applicant, US Chamber says

[Yo_Mama_Been_Loggin]

Economic Injury Disaster Loans (EIDL) will be rationed to $15,000 per applicant, according to the US Chamber of Commerce.

In an open letter to Congress, Chamber President Suzanne Clark wrote that on Sunday the U.S. Small Business Administration informed small businesses that loans will be rationed. "Such limited economic relief will be insufficient for a great many main street employers," the Chamber said.

Another major pillar of the federal government's response is the Paycheck Protection Program (PPP), which the Chamber said is approaching its limit.

Clark urged Congress to "quickly bolster its commitment to the survival of small businesses across America by renewing funding" for the EIDL program and increasing funding for PPP.

https://www.bizjournals.com/seattle/news/2020/04/13/sba-rations-disaster-relief-loans-15-000-applicant.html?ana=e_sea_bn_breakingnews_breakingnews&j=90503889&t=Breaking%20News&mkt_tok=eyJpIjoiTVdFMk4yTm1aalZpTmpjMSIsInQiOiJEaHpuT2l0bDE5d1hwakdyTGxlczZ5bWZOMVNSNzY1bUNVVVwvR2U0V0o4WlwvcmhvTmpKUUs3UFJEYzFTbzJwN002UFBRU0VtR2p3NGVSR2REU3J2Znh3V0dxYnpFNGFLNFwvY0tiVkJJTGJLdkZ2VGhma29mZGhQZ0pzRGtTUGJudyJ9

Sounds like the $1200 per person they're giving out. That's also a pittance for anyone facing financial difficulties.

[lapfog_1]

1. you have to promise not to lay off anyone...

so how the fuck does a small business keep paying employees if they are limited to $15K loan?

This is a Catch-22.

[Amishman]

3. there are limits to how long we can keep businesses closed

these loans, even uncapped; only really help with payroll, utilities, and rent. Unfortunately businesses have a lot more expenses, and depending on the industry, most of their expenses might fall outside those categories.

I think one way or another we can't do more than four more weeks of this, six at most. There are a lot of bankruptcies coming

[lapfog_1]

4. actually there isn't... we would have to change how humans interact

but non-social "pod people" has been in the SciFi genre for years (decades).

However, that isn't likely to happen... what is more likely is a antigen test that is simple and very widespread that generates a "safe to be in public" certificate... probably to expire once a month (meaning 1 test a month). Has to be an antigen test as the antibody test is not (as of yet) been determined to be "virus free" test or "non-contagious".

Violations of the certificate rule means an involuntary quarantine for 2 weeks (or submission to another test).

Then things go back to "normal".

Sort of like the TSA after 9/11 becoming much more "police state".

Yeah, it sucks, but if the CFR is as high as I expect... I don't think we have a choice until there is a vaccine that PROVES to be long term effective. A vaccine that works for at least a year or so before requiring another.

Otherwise this virus will sweep the globe multiple times, kill off a certain percentage (1%, 2% maybe more) of us in each sweep... until we actually lose 70 million people plant wide.

[Baked Potato]

2. But, but, I thought Republicans love business folks.