Some small businesses got $0, while lenders got billions
Small-business owners across America are outraged after the coronavirus relief program intended to extend them a financial lifeline exhausted its $350 billion fund less than two weeks after it started — while lenders took home almost $6 billion in fees.
“We survived the 9/11 economic hardships and the 2008 economic downturn that seemed to go on forever, but I don’t know if we will survive the COVID-19 economic disaster,” said Candace Senato, who has owned a Tempe, Arizona-based freight shipping company for 28 years.
“I believe that, tragically, the number of small businesses who have to shut their doors will far exceed the anticipated number,” Senato said. “I would like to know who received the funds, and from which banks. So far, none of the small businesses we know like ours received funding from our bank.”
The Small Business Administration opened two programs: The $350 billion Paycheck Protection Program offered businesses with fewer than 500 employees a loan that can turn into a free grant if used to cover payroll and other allowed expenses and employees aren’t laid off. The Economic Injury Disaster Loan provided up to $2 million in financial assistance for any business that has losses as a result of the pandemic.
https://news.yahoo.com/small-businesses-got-0-while-211529953.html
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