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Small business owners anxious to receive loans amid coronavirus pandemic

Business owners may end up waiting several weeks before receiving loans.

NORFOLK, Va. — As the number of COVID-19 cases continue to rise in Virginia and throughout the U.S., business owners find themselves in an ever-evolving situation.

Small Business Administration loan, but the influx of applications may be difficult to keep up with.

Small-business owners are anxious to find out when they'll receive loan checks. They're also seeking guidance when it comes to which loan program they should pick.

Norfolk business owners Carla and Hamilton Perkins decided to take their business online amid the coronavirus pandemic.

"He literally taught himself how to redo an entire website," said Carla.

The Perkins started a recycled retail business online and have opened a shop inside Norfolk's MacArthur Center.

Recently, the couple applied for a Small Business Administration loan. Now, they want to know when the money will come.

“You know small businesses like ourselves, you have to hunt and do everything for the business. So just curious regarding the time frame when will we be able to have I guess the check or funding in hand," said Carla. 

SBA spokesperson Martin Short said businesses may have to wait longer than they may have expected.

“The processing time is approximately 21 days for the Economic Injury Disaster Loan. Disbursement of funds will be made shortly thereafter," said Short.

The SBA is hosting webinars on their website to help small business owners learn more about the process.

SBA officials are still working on how many people have applied and been approved.  

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