The COVID-19 loan is now closed to new applications. However, when it reopens, you can submit an online application through the SBA’s official website.
Small firms may benefit from COVID-19 loans, grants, and debt relief in order to maintain operations and pay personnel. Discover more about the Paycheck Protection Program (PPP) and the SBA’s other company coronavirus relief options.
Small Business Loans COVID-19
If your firm has been impacted by the coronavirus pandemic, the Small Business Administration (SBA) has programs that can help.
Paycheck Protection Program (PPP)
On May 31, 2021, the Paycheck Protection Program (PPP) came to an end. It provided loans to help nonprofit organizations and small enterprises maintain their staff members employed. Your loan could be forgiven if you adhere to the rules.
Loan for Economic injury and Disaster (EIDL)
Small enterprises and charitable organizations that are suffering financial losses as a result of the coronavirus epidemic and want money for obligations and running costs can apply for an Economic Injury Disaster Loan (EIDL).
Debt Relief Program(DRP)
The principal, interest, and fees on 7(a), 504, and Microloans disbursed before September 27, 2020, are covered for six months by the SBA’s Debt Relief Program. For some businesses, that respite was extended beginning in February 2021.
Shuttered Venue Operators Grant
You may be eligible for a grant of up to 45% of your gross generated revenue if you manage a theatre, museum, or other live performing arts or event facility, represent the talent, or both.
Restaurant Revitalization Fund
For eligible restaurants, bars, and other qualifying companies affected by COVID-19, this program offers immediate help.
SBA Fraud Prevention
Since the beginning of each COVID-19 relief program, SBA has checked for any fraud, waste, and abuse among borrowers. The SBA has devoted teams to both accept tips about potential fraud and notify law enforcement agencies of suspected fraud.
If you are interested in more articles related to finance, here’s one about what causes stock prices to change.
