WASHINGTON, DC – VIA CNBC – Most small business owners are irate over their COVID-19 small business loans being passed up for larger corporations who received a bulk of the funding approved by the federal government, but now, those rejected business owners are finding out there’s a consolation prize.
“Personal identifiable information of a limited number of Economic Injury Disaster Loan applicants was potentially exposed to other applicants on SBA’s loan application site,” CNBC reported the SBA statement. “We immediately disabled the impacted portion of the website, addressed the issue, and relaunched the application portal.”
Over 4 million businesses applied for $383 billion in federal aid, of which only $17 billion was funded by the government, leaving most businesses out in the cold.
Initially, the program offered $10,000 in aid within days of applying. Shortly after the SBA changed that and extended the window to “within a few days”. Eventually, they lowered the bar again to say that immediate cash grants would only cover $1,000 per employee, but at the end of the day, most small businesses received nothing.