It was supposed to be a big chunk of quick cash for small businesses affected by the coronavirus pandemic, but now it looks like it might not be that big—and it definitely won’t be quick.
The Small Business Administration confirmed in an email to loan applicants yesterday that a promised advance of up to $10,000 will be considerably smaller for some businesses. The email was sent to business owners who applied for the Economic Injury Disaster Loan, according to sources who shared a copy of the email with Fast Company. In it, the SBA said the advance amount would be based on an applicant’s employee headcount:. . . more