If your business is struggling in the wake of COVID-19, these steps will help guide you through the application process for a low-interest small business loan.
The Coronavirus Aid, Relief, and Economic Security (CARES) Act allocated $350 billion to help small businesses keep workers employed amid the pandemic and economic downturn. Known as the Paycheck Protection Program (PPP), the initiative provides 100% federally guaranteed loans to small businesses. Importantly, these loans may be forgiven if borrowers maintain their payrolls during the crisis or restore their payrolls afterward.
Everything you need to know about the Paycheck Protection Loan and the SBA Economic Injury Disaster Loan programs.
The Coronavirus Aid, Relief, and Economic Security Act sets aside $350 billion for small business loans to provide economic relief in 2020. Here’s how to get one of these loans.