Published On: Sat, Apr 25th, 2020

My knowledge with a CARES Act was frustrating, treacherous and unfair

As a small business owner, we was vehement to learn about a $2.2 trillion Coronavirus Aid, Relief, and Economic Security Act that offers low-interest loans to firms impacted by a COVID-19 pandemic. However, as we review by a sum and began to apply, it became transparent that this legislation — while well-intentioned — competence not be adequate to assistance many SMBs and startups.

Here’s a discerning summation of my experience.

Emergency Economic Injury Grants and Economic Injury Disaster Loans

First and foremost: You need to act swiftly. Emergency Economic Injury Grant and Economic Injury Disaster Loan programs enclosed in a CARES Act duty on a first-come, first-served basis, and are saved from a singular pool of resources.

I began my company’s focus routine by submitting a EIDL and EEIG applications by a SBA website. This was easy, if tedious. It took about dual hours to finish a required online forms and about dual seconds to click a EEIG checkbox. Submission was seamless, though we haven’t perceived any serve communication from a SBA given completing my application, that is a bit treacherous — EEIG supports are ostensible to be diluted within 3-5 days of a acquiescence date.

However, we know there’s been a outrageous volume of submissions recently and this contingency be unusually formidable to handle. we demeanour brazen to any email association or updates from a SBA that competence give me — and other field — an updated guess of a approaching dispersion timeline.

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