Now, I’m no math whiz, so please correct me if I’m wrong, but I just did a back-of-the-napkin calculation this morning when I was drinking my coffee and the results are so disturbing I nearly spat out my coffee.
- SBA processed only 39,036 EIDL applications within the most recent two week time period.
- There are approximately 5 million applications in the system as of April 27th according to media reports.
- 39,036 / 14 is approximately 2,788.
- The SBA, therefore, is averaging 2,788 applications per day
- 5 million divided by 2,788 is approximately 1793.
- There are 365 days in a year.
- 1793 divided by 365 is approximately 4.9.
- Therefore, at the current rate, it will take SBA approximately 4.9 years to process all the EIDL applications already in the system.
EDIT: Based on information from cue378, assuming 1/3rd of applications are auto-declined, and the actual number in recent days is closer to 10,000 applications processed per day, it will take approximately 330 days, or about 10 months to process all EDIL applications in the system. Note: this does not include a calculation for those that submitted applications only for the grant and then subsequently declined the loan.