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COVID-19 Blog Posts

By First American Merchant

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

Small Businesses Cite Funding As Main Obstacle To Reopening

The lack of adequate small business funding is a source of great anxiety for small business owners.  Following the closures of most businesses, coupled with strict social distancing measures enforced during the COVID-19 outbreak, there does seem to be an “easing up” on regulations, allowing for businesses to slowly resume operations.  However, a recent survey conducted by LendingTree revealed a crippled confidence among business owners. According to the data, 46% of small business owners mentioned that funding was the number one hindrance that is keeping them from reopening. If they were to open, they would be subjected to strict safety […]

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Despite Push For More Funding, PPP Money Still Unclaimed

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 […]

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Alternative Business Funds During COVID-19 Recovery

A crisis like the one caused by COVD-19 puts businesses of almost any size and type into a difficult financial situation. If you can’t get approved for a state-backed funding option or need another financial source, look for alternative resources. If you’re interested in nontraditional business funds during COVID-19 recovery, you’re at the right place. Alternative Business Funds During COVID-19 Recovery Federally-backed funding options under the CARES Act give you access to additional working capital. However, they aren’t the best option for all businesses, and many merchants have had difficulty obtaining them. Let’s see what nontraditional solutions are available for […]

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New House Bill Gives Business Owners More Time to Use PPP Loans

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 […]

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Health Providers Need Business Funding to Weather COVID-19

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 […]

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Clever Ways to Finance Business Costs Not Included in SBA Coronavirus Relief Loans

During their inception, SBA Covid-19 relief loans were seen as the perfect tool to survive this unusual pandemic. But many business owners are coming to terms with the harsh reality as applications get rejected and loan terms get clearer. The CARES Act provided Coronavirus Relief Funding through two programs; the Paycheck Protection Program (PPP) and Economic Injury Disaster Loans (EIDL). With possible federal loan forgiveness, the two funding programs seemed like the perfect deal until business owners realized that their terms can be unforgiving. For instance, small businesses have reported difficulties getting access to PPP loans. And those who are […]

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4 Things We Can Learn from Female Political Leaders amid Covid-19

It’s sad that we still consider our women second best after men in many aspects of life. This disregard continues even after a woman has worked hard to earn an administrative or leadership role. But Coronavirus has led to a new revelation regarding women and their ability to lead. For some reason, women have shown more resilience and creativity when it comes to surviving a crisis. Perhaps it explains the many recent feminine headlines praising the critical role of women political frontrunners from all corners of the globe. Being a leader or owning a business is not an easy feat […]

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How is Your PPP Loan Application Coming Along? Here’s what to Do if it Fails

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 […]

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Merchant Cash Advance Post PPP: How to Obtain It?

The post Paycheck Protection Program (PPP) world isn’t easy in terms of small business funding. Luckily, PPP isn’t the only option for business financing. You can also apply for alternative funding options such as a merchant cash advance (MCA). Let’s dive deeper into the topic. Post Paycheck Protection Program World Not all merchants find the Paycheck Protection Program or PPP the best fit for their business. There were businesses that weren’t eligible for the program. Others didn’t apply for it. The third ones are working on Q3 and Q4 financing. By the way, PPP loans put merchants into limits concerning […]

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Forgiveable Small Business Loans and Not Only

Small businesses hurt by the COVID-19 crisis have more than one source to get help from. This article will tell you what forgivable loan options you have in the State of Pennsylvania and the City of Miami. Also, you’ll read about a reliable alternative online lender to get funding assistance from. Small Business Loans: Pennsylvania 30 Day Fund The State of Pennsylvania offers a nonprofit Pennsylvania 30 Day Fund. This nonprofit program is backed by volunteers. To qualify for it, you must have 3-30 employees. To be eligible, businesses must also be owned and run by someone who resides in […]

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