Hot Topics

SBA slashes disaster-loan cap to $150,000 from $2 million, shuts out nearly all new applicants

WASHINGTON- An emergency disaster lending program for small businesses has been so overwhelmed by demand that it has significantly limited the size of loans it issues, while blocking nearly all new applications from small businesses, according to people familiar with the situation.

The Economic Injury Disaster Loan program is a longstanding Small Business Administration program that’s separate from the new Paycheck Protection Program, which has challenges of its own.