Federal loans were supposed to be a lifeline for small businesses during coronavirus.

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$100 billion in loans have been approved out of the $359 billion allocated for PPP. 

Sacramento, April 10 (Punjab Mail USA)- The SBA is directly managing the smaller Emergency Injury Disaster Loan, or EIDL, program, which lets businesses borrow up to $2 million. Companies can also get an advance of up to $10,000 within three days, which can be forgiven if it’s used for things like payroll or sick leave. Blomquist says her organization represents thousands of small businesses and so far she only knew of two in California approved for EIDL money. Neither had gotten their advance yet.

Wells Fargo in a statement said it is committed to helping as many small businesses as possible “given the realities of this unprecedented situation and the tremendous interest in the PPP.”


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