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Small Businesses Blog Posts

By First American Merchant

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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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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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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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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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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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March COVID-19 Small Business Insights: Ecommerce Sales Growth on the Up, as Micro-Businesses Plunge

If you’re eager to learn about the small business landscape amid the 2019-nCOV, then these stats from Card Flight Inc. will help get you up to speed. Figures from its Small Business Impact Report shows transactions for small and medium businesses plummeted through March as shoppers continue to keep distance and opt for ecommerce deliveries. CardFlight investigated 60,000 micro-businesses, and part of the report indicates that “sales went down for the 3rd week in a row, in March.” Sales for Mar 23 – 29 (week 3) dipped nearly 12 percent week-after-week, and approximately 27 percent between Mar 2 and 8 […]

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How Small Businesses Can Lower Credit Card Transaction Fees

Accepting credit cards is crucial to your business success. However, you must pay for this since credit cards come with transaction fees. Importantly, you should be careful about these fees. This article will help you be smart about transaction costs associated with small businesses. Credit Card Transaction Fees for Small Businesses Small business owners are well aware of how accepting payments online is important for their growth. As you know, card transactions come with associated fees. On average, processing fees vary from 1.5% to 2.9% for swiped credit cards. Thankfully, you can use several ways to save on fees. Before, […]

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Get Hassle-Free Funding with No Credit Check Financing

New businesses and those struggling often continue to build their credit or have credit scores that have taken beatings. Bad credit or a lack of credit can make it impossible to borrow money from banks. Traditional lenders do not want to take risks on businesses that may not pay back the money they borrowed. However, all hope is not lost. As a business, you just have to be willing to consider alternative options, like applying for no credit check financing from a third-party lender. Read on to find out how to find a no credit check financing lender and other […]

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