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My experience with the CARES Act changed into once frustrating, confusing and unfair


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My experience with the CARES Act changed into once frustrating, confusing and unfair

Suzanne Borders Contributor Suzanne is the CEO and co-founder of BadVR. She thrives at the intersection of data, art, technology and poetry. As a small business owner, I was excited to learn about the $2.2 trillion Coronavirus Aid, Relief, and Economic Security Act that offers low-interest loans to firms impacted by the COVID-19 pandemic. However,…

My experience with the CARES Act changed into once frustrating, confusing and unfair

Suzanne Borders
Contributor

Suzanne is the CEO and co-founding father of BadVR. She thrives at the intersection of files, art, abilities and poetry.

As a minute enterprise proprietor, I changed into once mad to study relating to the $2.2 trillion Coronavirus Reduction, Reduction, and Financial Security Act that offers low-passion loans to corporations impacted by the COVID-19 pandemic. On the opposite hand, as I read through the info and began to employ, it changed into decided that this rules — while effectively-intentioned — might presumably per chance well no longer be adequate to abet many SMBs and startups.

Right here’s a rapid recap of my experience.

Emergency Financial Injure Grants and Financial Injure Danger Loans

First and well-known: You might act all of a sudden. Emergency Financial Injure Grant and Financial Injure Danger Loan programs incorporated within the CARES Act characteristic on a well-known-design, first-served foundation, and are funded from a restricted pool of property.

I started my company’s utility route of by submitting our EIDL and EEIG applications through the SBA web role. This changed into once easy, if gradual. It took about two hours to total the compulsory on-line kinds and about two seconds to click the EEIG checkbox. Submission changed into once seamless, but I haven’t acquired any extra dialog from the SBA since polishing off my utility, which is somewhat confusing — EEIG funds are alleged to be dispersed within 3-5 days of the submission date.

On the opposite hand, I know there’s been an immense volume of submissions just no longer too long ago and this ought to silent be exceptionally complex to take care of. I stare forward to any email correspondence or updates from the SBA that would give me — and other applicants — an up to this point estimate of the anticipated dispersal timeline.

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