Are small business loans fast-tracked under the coronavirus relief legislation?
Monday, April 27, 2020
By William Boger
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YES
The Small Business Administration was tasked under the coronavirus relief program enacted by Congress with speedily offering $376 billion in aid to eligible small businesses. There were widespread reports of initial confusion and snafus when the program launched April 3, but the SBA said it processed more than 1.6 million loans in less than two weeks. That exhausted initial funding for the program, and Congress approved another $484 billion for a second tranche of lending beginning April 27.
Time to get approval has been as short as 36 hours, and sometimes borrowers get the money in two or three days, one lender told USA Today. But some have waited more than two weeks to get the money.
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