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Coronavirus Stimulus Loans Still Out Of Reach For Many Small Businesses
The supermoon next to the U.S. Bank Tower downtown (David McNew/Getty Images)
In theory, Friday, April 3 was the first day small business owners could apply for loans from the federal government's coronavirus stimulus package.
But in reality, many banks were not accepting applications, or were overwhelmed by the demand.
By Monday, many small business owners in Southern California still had not heard back from their banks.
"I have only been able to fill out what is basically a request for an application with Chase," said Kimberly Austin, who owns Fire Starter Studios in Burbank. "I have had no response from Wells Fargo at all."
Now, she worries the money could be gone before she has a chance to apply.
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You come to LAist because you want independent reporting and trustworthy local information. Our nonprofit newsroom doesn’t answer to shareholders looking to turn a profit. Instead, we answer to you and our communities. We are free to follow facts wherever they lead and to hold power to account without fear or favor. Our only loyalty is to our readers and listeners and our mission: to inform, engage, and strengthen Southern California’s communities.
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