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2020 May Blog Posts

By First American Merchant

Feel free to give us a call for more info 1-800-210-5649

Credit Check for PPP Loans: Will Credit Affect or Not?

Are you a business owner in the U.S.? The government offers various support options to help you fight the created situation. The Economic Injury Disaster Loan (EIDL program) or Paycheck Protection Program (PPP) are among the support programs offered by the government. If details concerning the credit check for PPP loans and alternative options are the thing you’re interested in, read below. PPP Loans & Alternative Funding to Fight the Crisis The COVID-19 virus has damaged so many lives and businesses around the globe. The state-backed Aid, Relief, and Economic Security (CARES) Act is developed to help businesses fight the […]

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Covid-19 Relief Loans For Manufacturing Industries

Covid-19 relief loans for manufacturing industries are what will sustain their future. Manufacturers have been in the front lines of providing essential needs for healthcare workers, consumers, and for the development of treatments during this Covid-19 pandemic.  The National Association of Manufacturers (NAM) conducted a survey where 80% of manufacturers predict that the pandemic will have a negative financial impact on their business. Adding to the problem is that most manufacturing jobs cannot be performed remotely, but onsite. Oil prices and demand have continued to drop, there are bottlenecks in the supply chain, and anxiety is ruling the “credit market.” […]

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How Small Businesses Can Survive COVID-19 Crisis

Many businesses are left without revenue in the U.S. This is especially true of restaurants and shops. This article is about what steps small businesses can take to survive. Also, you’ll discover who can best help you with funding like ACH business loans and not only. Steps to Survive the Crisis: ACH Business Loans When the virus spread, there were nearly 30.2m businesses in the U.S., as the Small Business Administration reported. They employed 5.9m people. As of May 20, 2020, according to the National Bureau of Economic Research, forty-three percent of businesses shut for a certain period of time. […]

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Not Forgotten: Covid-19 Relief Loan For Contractors

Covid-19 relief loans for contractors are a welcomed help for many without financial buffers. An unprecedented number of American workers have been laid off or lost their employment outright, due to the Covid-19 pandemic. Another hard-hit sector of workers that has felt the pain is the self-employed. Freelancers and independent-contractors experienced the dramatic depletion of incoming work as well as their budgets paralyzed. The great divide between the two is that employees have more accessible financial support than their self-employed counterparts.  Thanks to the Coronavirus Aid, Relief, and Economic Security Act (CARES), the $2 trillion stimulus package signed into law […]

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Covid-19 Relief Loan For Automotive Industry

An emergency covid-19 relief loan for the automotive industry is desperately needed. Like a thief in the night, the coronavirus has robbed many of us of our health, freedom, jobs, buying power, and a stable economy. Not only has the virus plunged our country into a serious health crisis, but it has also plunged our economy into a recession.  Even though every sector has been hard-hit by the pandemic, one particular industry is starting to feel the pinch…the automotive industry.   Consumer confidence is at an all-time low, especially with so many lay-offs and social distancing measures.  The last thing on […]

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Bad Credit Merchant Account & How to Get It Easily

There’s no credit-card acceptance from your customers without a merchant account. What if your credit isn’t good? Well, this will create problems for you, but not everything is lost. You can still apply to a respectable provider to get a bad credit merchant account to grow your business. Let’s see how you can obtain one even if your credit is away from being good. When Applying for a Poor Credit Merchant Account First of all, be aware that you need to pay a fee to your merchant processor for credit card transactions. Approval criteria differ from provider to provider. Here’s […]

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6 Facts You Should Know about PPP Loan Forgiveness

Microbusinesses are struggling to survive the status quo; no wonder all eyes have been on the Paycheck Protection Program (PPP) fund, which Congress passed through the CARES Act. But small businesses must tread with caution because missing on a few details may mean trouble in the future. For instance, many small merchants only know that—if you take out a PPP loan— forgiveness or leniency is possible. But only a handful know what could compromise your chances of qualifying for leniency? First, if you already have such a loan, you have up to 8 weeks to max out the finances on […]

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Covid-19 Relief Loan for Services Industries, The Hardest Hit

A Covid-19 relief loan for Services industries hopes to alleviate the effects of the pandemic. Due to the Covid-19 outbreak, many businesses are keeping a skeleton crew to keep operations going while other businesses have halted their operations entirely. Very few industries have been spared from the catastrophic, economic damage that this pandemic has caused. One of the hardest hit of all industries is the service industry. As a result of stringent social distancing regulations by the local and federal government, the service industry businesses that have suffered a massive blow include restaurants, computer services, accounting services, tourism, and the […]

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Paycheck Protection Program – The Bumpy Start, and What to Expect Now

The current situation for small businesses amid the COVID-19 economic shutdown can be described as messy at best. Small business owners are scrambling to manage these unprecedented times and preserve their livelihoods. According to a nationally representative survey conducted by WalletHub, 87 percent of small business owners say they are struggling due to the coronavirus pandemic. The first round of the Paycheck Protection Program (PPP) funds ($349 billion) intended to help small businesses was gone in less than two weeks, claimed by around 1.6 million small business owners. While that sounds like an impressive amount, that number only accounts for […]

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Second Round of PPP SBA Loans Now Available to Small Businesses

Within days, the first round of the Paycheck Protection Program (PPP) released at the start of April – $349 billion in funding – ran out of cash. The second round of funding is now available, as small businesses continue to struggle with almost no end in sight. The race is on for the small businesses owners that have yet to secure funding. On Friday, April 24, President Donald signed the $484 billion COVID-19 rescue bill, which includes $310 billion in new money for the latest bailout. This funding has been designated to help small business owners keep their employees on […]

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