Here's another sign that the small biz bailout is going badly: Owner have started a hashtag, #EIDLHOAX.

SBA was supposed to provide $10k grants as advances on Economic Injury Disaster Loans, which applicants would receive w/in 3 days.

But it's unclear if any $ has gone out.

I asked SBA press team yesterday if it had disbursed any money. They said they would get back to me, but still have not responded.

And I have not talked to a single business owner who has themselves received any grant money.

Alright. The SBA's Massachusetts District Office says the EIDL grant will, in fact, only be $1,000 per employee, which means a program that could have helped a lot of small proprietors cover rent is suddenly much, much less useful. (h/t Reddit) https://content.govdelivery.com/accounts/USSBA/bulletins/284f240

Also, it says "they will start distributing grants this week." Which suggests none have previously gone out.

Alright. I wrote up about why it looks like the small business bailout might be about to screw mom and pop shops. https://slate.com/business/2020/04/care-act-small-business-disaster-grants.html?via=homepage_recirc_recent