Her digital media firm, KeyMedia Solutions in Sioux Falls, South Dakota, saw its sales plummet 60% in May from the previous year. She was able to secure a loan from the Small Business Administration s Paycheck Protection Program for $115,000 to keep workers employed until things stabilized.
So when Keys received paperwork from the SBA in January that there was an additional $150,000 loan taken out in her business s name under the Economic Injury Disaster Loan program, she thought it might be a mistake. We d made a conscious decision not to apply for any other assistance, Keys said. We thought those funds need to be left for businesses that weren t faring as well.