MOUNT PLEASANT, S.C. (WCBD) – Congressman Joe Cunningham is among nearly 100 lawmakers urging the Small Business Administration (SBA) to streamline and improve the process of applying for an Economic Injury Disaster Loan (EIDL).
The EIDL program is one of many federal efforts to offset the economic burden businesses are facing due to the COVID-19 pandemic. It is “meant to equip businesses with the necessary working capital to plan for their long-term financial future” by offering loans with long-term repayment options.
Cunningham and other lawmakers outlined four steps that the SBA should take:
- Enact a queue for new applicants, so that “all small businesses can make use of new congressionally-enacted funding”
- Create a “mechanism to update EIDL applicants on the status of their loan”
- Provide Congress with “daily updates on loan data”
- “Communicate with Congress about the technical strains on funding disbursement”
The program “can offer a vital lifeline for many struggling small businesses,” according to Cunningham. However, he noted that he has “heard from far too many business owners who have waited weeks to hear from the SBA about their application, at a time when uncertainty and poor communication is the last thing they need.”
By enacting these measures, lawmakers hope that the EIDL program can “provide America’s small businesses with the financial wherewithal to ensure they can outlast the immediate economic uncertainty.”