Small business funding is largely underutilized due to stringent rules and endless changes.  The U.S. Small Business Administration will be closing their doors of approval for all Paycheck Protection Program loan applications on Tuesday June 30th. What this means is that more than $100 billion in “federal loan guarantees” for nonprofits and small businesses grappling with COVID-19 will remain untouched.  According to the SBA, the Paycheck Protection Program, launched on April 3, has awarded close to $519 billion in loans from private lenders and banks to almost 4.8 million borrowers. Based on these figures, that leaves an excess of $134 […]

A recently passed bill in the House of Representatives has many small business owners breathing a sigh of relief. This new legislation, the Paycheck Protection Program Flexibility Act, addressed concerns expressed by entrepreneurs across the country. These business owners have been adamant that changes needed to be made around loan forgiveness – one of the main attractions of the Paycheck Protection Program (PPP). The PPP was initially created by the CARES Act, the $2.2 trillion coronavirus relief law. In early April, forgivable loans were first issued through this Act to small business owners struggling to stay afloat during the current […]

As the current coronavirus pandemic continues, businesses are finding themselves in a tighter and tighter position. Most have had to either shutdown for a period of time or completely alter their service and product delivery methods. Restaurants, salons, retail stores, gyms and many others have had to quickly adapt and find creative ways to still engage with their customers and meet their needs. These unprecedented times have not only impacted the way businesses operate, but also the way healthcare is delivered. The current crisis is so dramatically different from anything experienced that it has even put the medical field in […]

Small business loans are your cushion anytime your company threatens to hit rock bottom. The term “small business loans” is an umbrella description of various forms of funding, but your priority as a retailer is to pick the right product. And many times, your needs determine the right loan for you. So you must understand how these loans work to make the most of them. What’s a Small Business Loan? It is a form of funding a bank or lender offers a business in return for interest and fees, and payback (of the lent amount) in a defined schedule throughout […]

Minority-owned businesses can now get a financial boost with COVID-19 funding.   Wisconsin’s governor, Tony Evers, has launched an initiative to help 1,000 “ethnically-diverse micro-businesses” that have been affected by the COVID-19 pandemic. This will come in the form of a $2 million grant.  The Ethnic Minority Emergency Grant, which was funded by the Wisconsin Development Corp., is offering $2,000 to small businesses that are based in Wisconsin and are in the retail, hospitality, or service industry. They have to be at least 51% minority-owned to qualify.  More Requirements To Qualify In order to qualify for these funds, these businesses must […]

How is your Paycheck Protection Program (PPP) loan request coming along? Well, you’re not alone if your efforts don’t seem to bear any fruits. It’s unfortunate that small businesses, who were the target benefactors of PPP COVID-19 relief funding, have to sweat to get a slice of the cake. The CARES act allotted billions of dollars to help businesses through two programs; EIDL and PPP. The Paycheck Protection Program was exclusively meant to help small enterprises retain staff and cover payroll and other expenses amid coronavirus. Round One of the funding worth 349 billion dollars ran out sooner than we […]

These 2 types of financing are among the most common options people choose to apply for. This article is about a personal loan vs. line of credit. So, let’s start reading. Personal Loan In this case, you get money upfront and you’ll be required to pay back the fixed amount based on a schedule within a set period of time. Besides: You’ll be responsible for payments regardless of when or how you use the money You’ll be offered a set interest rate The rates are usually lower as compared to those associated with a line of credit You can easily […]

In this article, you’ll find details concerning the COVID-19 Economic Injury Disaster Loan (EIDL) program. Also, you’ll discover other alternative financing options that can help you overcome the hardships caused by the pandemic. So, let’s start. COVID-19 Economic Injury Disaster Loan The pandemic is impacting the countries worldwide. The government is taking measures to help taxpayers to fight the crisis. The EIDL program is one of them. Be aware it’s not meant only for business owners. The number of people interested in the program proved to be higher than expected. That’s why the system got overloaded with applications, and the […]

The hotel industry among others has felt the greatest negative impact of the COVID-19 crisis. Unfortunately, the economic uncertainties are still ahead. If you need financing for your hotel business, this article will help you with some hotel financing options during COVID-19. Hotel Financing Options During COVID-19 The decision to close hotels and several other businesses has brought a disruptive effect of the travel ecosystem. So, the tourism industry worldwide has been hurt a lot. The Federal Reserve has recently lowered the interest rates to a significant extent, and the prime rate was 3.25% as of March 20, 2020. This […]

Are you looking outside your company for additional working capital? Any business may need financing to improve cash-flow problems or for other purposes at some point in time. This article will help you draw a parallel between 2 popular types of business financing, a merchant cash advance and a loan. Merchant Cash Advance (MCA) First of all, remember that an MCA isn’t a loan. A merchant cash advance was originally called to serve as a lump sum payment that business owners could obtain in exchange for a set percentage of their future credit/debit card sales. One of the top advantages […]