By Dana Sanchez
U.S. Treasury claims small businesses will be given same-day ‘retention loans’ to help cover payroll but the SBA site crashed under heavy usage. In reality, loans could take 3 weeks to process.
As part of this week’s $2.2 trillion coronavirus relief bill, $350 billion has been earmarked for job retention at small businesses.
More than 30 million small businesses in the U.S. employ 47.3 percent of the private workforce, according to the U.S. Small Business Administration.
More than half of those 30 million small business owners say their business will be unable to continue operating after three months due to economic strain caused by the coronavirus pandemic, according to a Goldman Sachs survey of more than 1,500 small business owners conducted March 16-17.
Small Business Administration loans will cover about 50 percent of the private payroll, according to Treasury Secretary Steven Mnuchin. The loans will cover eight weeks of employee salaries and will be forgiven as long as businesses keep Click here to read entire article