ran into a wall: few answers on their status; periods where applications weren't accepted; shifting regulations; hours waiting on hold.
"Throughout the process, SBA showed a lack of understanding of the challenges facing small businesses related to COVID-19," House Small Business Committee Chair Nydia M. Velázquez, D-N.Y., saidHer concerns, directed at SBA Associate Administrator James Rivera as he sat in the hearing room, were echoed by Republicans and Democrats on the committee who shared stories of constituent dissatisfaction.
Tweaks to the program by Congress and a shortfall of funds at one point contributed to delays, he said.which has provided nearly $520 billion in forgivable loans to small firms during the coronavirus crisis. After initial bumps, the PPP has been largely viewed as a success., a business consultant firm.
About 80 percent of loan requests are below 150,000 with the average award at $61,000, Rivera said. And the average time to process a loan has dropped from 41 days to less than a week.
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