Due to the current Covid-19 pandemic, additional business funding is available to you.
If you’re struggling to run your business right now, there are several new avenues you can look to. The Small Business Administration is offering relief loans. Likewise, the federal government and many local governments are participating in relief programs.
Here are the resources currently available to you.
The Small Business Administration (SBA) has offered emergency loans since before the pandemic started. These loans are offered through the SBA Economic Injury Disaster Loan program.
The program offers emergency relief to businesses experiencing a temporary loss of revenue. The funds are meant for working capital and normal expenses. These include rent, utility bills, payroll, healthcare benefits, and debt repayments.
Under the new CARES Act, the SBA Economic Injury Disaster Loan program has been expanded. The federal government has injected another $10 billion into the program. Furthermore, Covid-19-related disasters now fall under the list of justifications for a loan.
You can apply for a Covid-19 Economic Injury Disaster Loan directly through the SBA. Just keep in mind the program is currently set to expire on September 30th, 2020.
SBA loans are top-quality loans. They offer by far the best rates and repayment terms available in the US. But if you’re not eligible for one, you may have better luck looking for local assistance.
The SBA is also working in partnership with local and state governments to provide relief. You can look for local programs that may be able to provide you with assistance. You’ll typically have to apply for this support through your local or state government.
The local government assistance you’ll find will be labeled under specific, localized names. For example, the City of Cleveland is offering emergency loans to restaurants under the “ReStartCLE Emergency Working Capital Program.”
While it won’t help you if you’re in a financial emergency right now, the CARES Act also provides tax relief to small businesses affected by Covid-19. Look into the tax and debt relief that the act can provide to your business.
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