SBA has now imposed a $150,000 limit without publicly announcing the change – A Diaster

Congress gave the disaster loan program more than $50 billion in new funding in recent relief bills to offer quick-turnaround loans to businesses slammed by the coronavirus pandemic.

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The SBA has been so overwhelmed by demand that it is now allowing only agricultural interests to submit applications, as it works through an enormous backlog. Key Republican senators had been pushing hard for farmers and agriculture companies to be able to tap the program, and they are now being prioritized over other prospective borrowers.

Agency officials have said the holdup is because of a lack of funding and an unprecedented crush of applications.

The Economic Injury Disaster Loan program, known as EIDL, is a long-standing SBA program that is accustomed to dealing with geographically contained disasters, such as hurricanes, tornadoes and wildfires. It was part of the federal response to Hurricane Katrina in 2005, Hurricane Sandy in 2012 and the wildfires that swept the West Coast last year.

The financial issues brought on by mass social distancing health guidelines is something never before scene in the United States economy. The major outlets keep comparing it to The Great Depression, but be clear, they are saying that the 1920s is the CLOSEST historical mark for us to work from. There is fear in the unknown. Things are getting scarier everyday.

What are you thoughts on the financial stability of our economy?

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