Yuka Hayashi
speaker
247 appearances
9 recordings
1 series
first heard Jul 2019
last heard Aug 2020
Yuka Hayashi’s voice in public audio — every appearance, attributed to the second.
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Appearances
This program was originally designed for much smaller problems, disasters, you know, hurricanes and earthquakes.
So the SBA did not have the capacity to process millions of applications.
That's right.
A lot of businesses, millions of businesses have actually gotten money, but there are still a lot of them who are still waiting for assistance.
The Small Business Administration has had two main loan programs.
One is called the Paycheck Protection Program, which is a bigger, more well-known program.
They also have a program called Economic Injury Disaster Loan Program.
This program has had a lot of issues since its launch, including delays, issues with communications with applicants, serious concerns about fraud warned by the inspector general.
There are various differences, but the biggest difference, I would say, is that the PPP has banks issuing loans to businesses.
The EIDL program is administered by the government itself, and the SBA issues loans directly to businesses.
That's right.
The delays with the EIDL program had to do with the fact that the SBA is the one that issues loans.
And this program was originally designed for much smaller problems, disasters, you know, hurricanes and earthquakes.
So the SBA did not have the capacity to process millions of applications that just flooded in during the pandemic.
So the SBA really had to ramp up very, very quickly in order to catch up with the demand.
It has issued more than 3.6 million loans, totaling $188 million.
In addition to that, the SBA also sent out about $20 billion in grants, free money, to close to 6 million businesses.
It's not very clear, but there is a recent survey by a big business advocacy group called the National Federation of Independent Business that showed that about one in five businesses have not heard from the SBA about the status of their applications, even though they submitted their applications a while ago.
It has been a pretty frustrating experience for a lot of business owners.
Things have gotten much better since around mid-June, but until then, there were a lot of applicants for loans who waited for months without getting updates from the SBA.
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