It’s been increasingly more difficult to get a business loan from a traditional bank or financial institution. Today, when the world is going through these hard times, it’s become even harder to obtain the necessary funding to keep your business alive. If a small business loan from the federal government or an alternative provider is something you’re interested in, read this blog post.
State-Backed Loans for Small Businesses
To help business owners survive the economic crisis caused by the COVID-19 virus, the U.S. government started offering more than one financing option. PPP or Payroll Protection is one of them.
If you have 500 or fewer workers, you can qualify for this program. There’re businesses with over 500 workers in certain industries that can apply for the mentioned program as well.
Under the House bill:
- The PPP funds level must be used for payroll from seventy-five to sixty percent
- Borrowers can have up to 24 weeks to make use of the funds, unlike 8 weeks as it was determined in the beginning
- The deadline to rehire workers is now December 31
Alternative Small Business Loan Options
When the COVID relief loan program was launched, the number of applicants was so high that the program stopped for some time. Now, the demand isn’t as high as in the beginning. Also, lots of merchants have given back the funds received.
What about alternative business funding options? Happily, there’re respectable alternative online lenders like FirstAmericanMerchant.com that’re dedicated to helping businesses fight the crisis. FAM is an award-winning and BBB-accredited business funding provider and processor specializing in the high risk field.
As business owners note, they need access to funds to avoid closing their doors or for starting their operation again. With FAM, you can get fast and easy access to a small business loan to successfully sidestep hardships.
This is especially true of the current situation when businesses note the mentioned loan program restrictions have made it impossible for them to spend the funds in the way they need it.
So, no one can deny that having access to the necessary funds is key to your business’ long-term success, let alone the situations like the ones caused by the virus. Thankfully, you aren’t limited to only the government-backed support options: you can also turn to reliable alternative online lenders.