NOTE: This is a free article provided by The Washington Post.
A $484 billion coronavirus aid deal finalized Tuesday promises to breathe new life into two small-business loan programs that are designed to combat the economic devastation caused by the coronavirus.
In recent weeks, the Small Business Administration and thousands of its affiliated banks were overwhelmed by an unprecedented crush of applications, forcing a temporary halt to some lending activities. Although the programs succeeded in quickly pumping hundreds of billions of dollars into an economically devastated business community, many small companies are still awaiting funds.
The initial loan rollout was marred by glitchy Web portals, a chaotic regulatory process, a frustrating lack of cooperation from big banks and a struggling bureaucracy. Some large hotel and restaurant chains received loans that were meant for Main Street businesses, prompting calls for changes. Continue reading.