Some entrepreneurs hurt by the coronavirus shutdown say they’re facing delays tapping emergency loans from the Small Business Administration, even as the White House calls for billions more in funding for small businesses, the Washington Post reported. The SBA announced a coronavirus disaster loan program on March 12, offering up to $2 million per business to help small firms overcome the loss of revenue amid the health crisis. The SBA cautioned at the time that each state must seek and receive a disaster declaration from the agency before it can start lending in that state. Entrepreneurs say that process, required by law, is holding things up. The dire situation some businesses are facing underscores how close to the bone many entrepreneurs function. A few days’ delay wouldn’t matter to a large corporation, but it can make or break a small business, they said.
