COVID Loan Tracker was started by small business owners Duncan and Rita MacDonald-Korth to help fellow small business owners understand when PPP and EIDL are advancing money starts flowing. The site works by crowdsourcing knowledge on loan applications and disbursements. Our goal is to help the small business community and give journalists the data they need to hold government accountable.
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So, one of the most inspiring things about COVID Loan Tracker is the emails we get from other small business owners telling their stories and sharing their ideas. This one that we found via a connection on FB and that we wanted to share here more widely. Below is a quote from a small business owner who had an in-depth conversation with an experienced SBA worker. EIDL advances have been even more catastrophic than PPP loans, but less has been said. These loans were promised to be delivered in three days by the SBA and it’s now been almost two weeks with almost no money (only 4 companies out of 2117 filers), and companies are dying as a result. And not only is the money late, it’s in much smaller amounts than expected.
“I called the SBA and actually spoke to someone who’s been with them for a long time and who knew what he was talking about. He explained to me why I had the hard knocks in my credit. I was one of the first to send everything with number 2000 (request). As soon as it was received, they fired. Then when we had to reapply, they automatically withdrawn again. I was told on one of the many calls that I had to reapply which was the third draw on my credit. He was able to consult my candidacy. The one from the 3300 and saw it was waiting to be queued and I should hear something by Monday. He also said that there are so many duplicates that they have to go through them to make sure they are duplicates and it slows them down. He also told me that they cap the loans at 15,000.00 plus the grant of 10,000.00 for a total. From $ 25,000.00, if you meet the requirements of the maximum of $ 15,000.00, some will be lower. You get $ 1000.00 per employee for the grant. He said they must have thrown “up to 2 million” out the window when they received millions of applications. He said they worked 24 hours a day to make them. Hope this information helps you! “
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