Strong demand for the small business relief program is “a really good sign for what the economy might look like 2-3 months from now,” Labor Sec. Eugene Scalia says.
hurt by the measures that have been taken to stem the spread of COVID-19. Since the program started, Morrow and other small business owers are anxiously awaiting notice from their lenders about loan approvals and are eager to see the much-needed lifelines show up in their bank accounts.
"They told us, 'you have been approved by the SBA and we will be funding a separate account that you can draw from just as soon as the SBA gives us guidance on if they need us to have you sign anything before distributing funds,' " Duff said. "That seems to be the last step and what's holding things up to get the money."
Fountainhead founder and CEO Chris Hurn said last week that SBA had not provided adequate guidance needed to service the lender's "tremendous" queue of small businesses seeking loans and warned that most of their company's businesses "will be dissatisfied with the speed of the process." SBA Administrator Jovita Carranza tweeted about a local business in North Carolina that had received funding from its lender, but broader details about the total amount of funds lent to businesses were not made available, despite multiple requests.
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