The corona virus pandemic has made a huge impact on small businesses across the country. Although the Small Business Administration has introduced their economic disaster relief program, many small business owners have been frustrated by the lengthy process and system failures. Here's what's happening, and other options to consider.
What is it and what's the problem?
The Economic Injury Disaster program has received $7 billion in available funds and will allow the Small Business Administration to lend up to $2 million to each qualified applicant. Unfortunately, we've received lots of negative feedback from small business owners on the application process.
Average time of 4 to 8 hours to complete the online application.
The online portal has been crashing due to an excessive amount of applicants.
SBA's helpline has had extremely high call volume, leaving merchants in a queue that can take up to 2 hours before reaching an agent.
No section to request a specific dollar amount
No Confirmation email or follow up phone calls. Just a confirmation message in the portal informing you it's been completed.
Overall, it's been a shaky start to this Disaster Relief program and we're hoping the #SBA administration quickly finds a way to make this process easier.
What are my other options?
When it comes to small business financing, there's a variety of #funding options available. Prior to securing working capital financing, it’s important to understand which type of financing product is best for you. We suggest the following:
-Revolving Line of Credit
-Asset Based Lending
Click Here to read more information on each program and to view the qualifications. Applying will not affect your personal credit.
Our hearts go out to those who've been affected by the virus. Please feel free to share this information with any small business owners that may be seeking assistance during this unfortunate time.