The CoVid-19 pandemic has impacted tradings big and small. So to help companies in fields affected most by the economic downturn, the US government has come up with small business loans.
We’ll name some of the ongoing loan types and a general overview of what they do. For more pertinent information, you may contact your local business authority offices.
Economic injury disaster loans
Also known as the EIDL, this type of loan caters to those who need funds to sustain operating expenses. If you’re a non-profit organization, you’re also eligible for this loan.
Furthermore, this business loan is meant to help tide small businesses over and help fulfil their outstanding monetary obligations. You have until December 31, 2021, to apply. And at times like this, a small loan could mean the difference between a business staying alive or going under.
SBA debt relief
This one gives small businesses a no-nonsense, direct approach to financial worries. So if you applied for loans categorized as 7a, 504, and microloans, this is for you.
Provided these funds were released to you before September 27, 2021, you should be worry-free for six months. As of February 2021, certain businesses will enjoy extended coverage.
Shuttered venue operators grant
With the entertainment industry taking a huge blow, this grant is welcome news to talent representatives out there.
If you worked in the events industry, or you operated a theatre, museum, or any other closed-venue business, you may get a grant equivalent to 45% of your total earnings.
For small businesses, these loans are welcome options. With fair interests and easy-to-pay schemes, these loans help entrepreneurs and small business owners continue to generate income.
For other types of funding, there’s the state and local business assistance option. If you’re looking at expanding your business or want to know more about your state’s credit initiatives. Your local business authority should be able to guide you.