It is not easy to run your business as usual when Coronavirus has created serious disruptions in the order of operations.
For many business owners, the catch is to continue serving their customers and rake in profits as usual, in a relatively volatile economy.
And of course, money is the major bone of contention—many merchants would appreciate the convenience of a lump sum of commercial funding but most lenders are not well-placed to offer it.
Nevertheless, the Federal Government leveled the field for US small businesses on March 27 when President Trump approved the CARES Act.
The approval of the Act meant relief worth over 375 billion dollars for US employees and micro-businesses—to be offered through banks and credit unions, but the SBA (Small Business Administration) spearheads everything.
Surprisingly, because millions of American businesses are victims and almost everyone wants a share, borrowers had used up the first round of $376 billion by Tuesday, April 21, 2020. Lawmakers, however, have pushed for another 300 million dollars which is available for all firms that qualify.
What are Your Options?
As hinted earlier, The Small Business Administration spearheads everything. Under the CARES Act, all eligible companies can now access temporary COVID-19 relief loans.
Here’s a list of coronavirus relief offers to consider if you’re in need of funding;
Paycheck Protection Program
The Paycheck Protection Program or PPP is one of the coronavirus small business loans to tap into. It allows a borrowing cap of up to $10 million, with possible loan clemency.
PPP offers incentives for firms to keep their staff on payroll, and clemency is possible if you utilize the funding to maintain your workers
EIDL Loan Advance
The Economic Injury Disaster Loan is an emergency advance loan meant to save your business from falling.
The product offers to the tune of $10,000 in economic relief for small companies struggling with transitory problems thanks to Corona.
SBA Express Bridge Loans
If your business is an SBA Express Lender client then you are eligible for SBA Express Bridge Loans.
This coronavirus relief option offers hassle-free access to up to $25,000 to keep your business up and running during this crisis.
SBA Debt Relief
Lastly, the Small Business Administration announced it will offer financial amnesty to micro-business amid the coronavirus crisis. Find out more about it on their official website.
Visit the SBA’s official coronavirus relief options page for more information about SBA small business loans and COVID-19 relief offers (and how to apply).