According to a report by the SBA, during the first tranche of CARES Act, up to April 24, 2020, the SBA has approved 38,984 loans for a total of Economic Injury Disaster Loans (EIDL) $7,967,174,888. California received the most funding, with over $1.8 billion going to support small businesses. Under the second tranche of stimulus funding on April 24, 2020, Congress approved an additional $60 billion for EIDL.
I’ve conducted research with a small group of entrepreneurs that have applied for EIDL. Though the sample size is not large enough to be statistically significant, there are some interesting learnings from the data. There are two key takeaways: (1) very few small businesses are getting funded, and (2) the process is opaque and frustrating.
I’ve summarized my thoughts in this article on Forbes which is worth a read, but below is a look at some of the key takeaways.
My goal with this data is:
- to help entrepreneurs learn from each other to optimize outcomes; and
- to allow you to compare your experience with other entrepreneurs.