SBA Disaster Loans: Information Breach & Application Limit

In April, the Small Business Administration (SBA) announced an issue with its website that’d resulted in a data breach of eight thousand businesses. To reveal more details and find additional funds, such as a merchant cash advance ISO, go on reading this blog post.


SBA Disaster Loan Program: 8.000 Businesses Exposed

The Small Business Administration (SBA)found the issue on March 25 and took measures to get rid of the bug on its platform. The bug hadresulted in a data breach of 8.000 businesses. The applicants had submitted some sensitive data for the Economic Injury Disaster Loan (EIDL), which included addresses, Social Security and phone numbers, as well as email addresses.

Apart from The SBA disaster loan programs include the Economic Injury Disaster Loan program and the Paycheck Protection Program. Now, there’re other challenges with these loans as well. The shortage of funds and the incredible increase in the number of applications have forced the administration to stop the application acceptance process and put a limit on the amount of loans.

Currently, the administration is accepting only agriculture-related applications because of the enormous demand.

SBA Disaster Loans Aren’t the Only Option: Merchant Cash Advance ISO

To help businesses hit by the COVID-19 outbreak, the SBA started distributing billions of dollars to applicants for federally backed loans.

Specifically, these emergency loans require a personal guarantee, e.g., a lien on your business and your home. Besides, the completed applications wait 21 days, however, this is an emergency situation, and it may take the SBA several weeks to process these applications.

Thankfully, these aren’t the only options for businesses in need of financing. You can apply to a trustworthy alternative online lender in your field and get your approval faster and more easily.

No matter you’re interested in a merchant cash advance ISO or another type of business financing, you have more than one option to choose from. Look for the cheapest possible rates and fees.

So, according to the Small Business Administration, the information of abouteight thousand applicants for emergency loans has been breached. Because of the increased number of applications, the administration has limited the amount of the emergency loans. Consider applying to alternative lenders to get access to the funds you need.

Author Bio: Michael Hollis is a Detroit native who now lives in Los Angeles. He is an account executive who has helped hundreds of business owners with their merchant cash advance ISOsolutions. He’s experimented with various occupations: computer programming, dog-training, scientificating… But his favorite job is the one he’s now doing full time — providing business funding for hard working business owners across the country.

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