Suzanne is CEO and co-founder of BadVR. It lives from the interface of data, art, technology and poetry.
As a little one As a business owner, I was thrilled to learn about the $ 2.2 trillion Coronavirus Aid, Relief and Economic Security Act, which offers low-interest loans to companies affected by the COVID-19 pandemic. However, when I read the details and started applying, it became clear that this legislation – although well-intentioned – may not be enough to help many SMEs and startups.
Here is a brief summary of my experience.
Grants for economic emergencies and catastrophe loans for economic injuries
First and foremost: you have to act quickly. The programs “Emergency Economic Injury Grant” and “Economic Injury Disaster Loan” contained in the CARES Act work according to availability and are financed from a limited pool of resources.
I started my company's application process by submitting our EIDL and EEIG applications via the SBA website. It was easy, if boring. It took approximately two hours to complete the required online forms and approximately two seconds to click the EEIG check box. The submission went smoothly, but I haven't received any further notification from the SBA since completing my application, which is somewhat confusing. The EEIG funds should be distributed within 3-5 days after the submission date.
However, I know there have been a large number of submissions recently and this must be extremely difficult to manage. I look forward to any email correspondence or updates to the SBA that could give me – and other applicants – an updated estimate of the expected distribution schedule.