The S.B.A.’s disaster relief program allows for loans of up to $2 million. But now they’re capped at $150,000 — and agency officials are saying little about why.
For nearly 70 years, the Small Business Administration’s disaster relief program has helped companies recover from catastrophes including wildfires, hurricanes and earthquakes. But it has never faced anything like the coronavirus crisis.
Besieged by more than eight million applicants — and operating in the shadow of the hastily assembled Paycheck Protection Program — the disaster relief effort has given out more money in the past few months than it had in its entire history.