Industry News, News, Practice Management

Small Business Owners Stuck in Loan Limbo as New Government Programs Stumble

April 7, 2020

Small business owners say they are frustrated with the rollout of coronavirus loan programs that promised quick cash but have become mired in technical and regulatory snafus.
“It’s super confusing,” said Lance Lawson, co-owner of Space519, a clothing and retail boutique in Chicago. “We have real bills to pay, and I want to get my employees back on. They’re all on unemployment. Every day counts.”
Lawson said that his revenue has dropped from $250,000 a month to zero and that he has applied for help from six government programs, including an Economic Injury Disaster Loan and the Paycheck Protection Program (PPP) from the Small Business Administration. Promised funds within days, he’s still waiting a week later. Meanwhile, he has watched government officials tout the program’s immediate success and seen key language changing on the SBA website.

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