Small business struggles as loan program dries up
IDAHO FALLS, Idaho (KIFI/KIDK) - Some small businesses in Eastern Idaho are being dealt a blow in terms of assistance.
The Small Business Administration's loan programs are out of funding.
Funding was on a first come first serve basis and some say the application they submitted wasn't even turned in before funds were gone.
Coming up tonight we talk to a local coffee shop and how they are dealing with the reality of not getting the assistance they needed.
The Small Business Administration sent us this statement:
"The SBA is currently unable to accept new applications for the Paycheck Protection Program based on available appropriations funding. Similarly, we are unable to enroll new PPP lenders at this time. All PPP funds are exhausted.
Approved loans: 1.6 million+ (Actual: 1,661,397) – For reference, SBA processed more than 14 years’ worth of loans in less than 14 days.
Lenders: Nearly 5,000 (Actual: 4.975) – For reference, we more than doubled the 1,800 SBA-approved lenders at the start of the PPP.
And here is the recent joint statement from Sec. Mnuchin and Administrator Carranza:
Also, SBA is unable to accept new applications at this time for the Economic Injury Disaster Loan (EIDL)-COVID-19 related assistance program (including EIDL Advances) based on available appropriations funding.
Applicants who have already submitted their applications will continue to be processed on a first-come, first-served basis. "
