small businesses

Small Business Owners in Loan Limbo as New Gov’t Programs Stumble

"It's super confusing," said the co-owner of a Chicago business

A grocery store worker recycles boxes in Brooklyn, March 28, 2020.
Spencer Platt/Getty Images

Small business owners say they are frustrated with the rollout of coronavirus loan programs that promised quick cash but have become mired in technical and regulatory snafus, NBC News reports.

"It's super confusing," said Lance Lawson, co-owner of Space519, a clothing and retail boutique in Chicago. "We have real bills to pay, and I want to get my employees back on. They're all on unemployment. Every day counts."

Lawson said that his revenue has dropped from $250,000 a month to zero and that he has applied for help from six government programs, including an Economic Injury Disaster Loan and the Paycheck Protection Program, or PPP, from the Small Business Administration. Promised funds within days, he's still waiting a week later.

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