The world is facing the biggest problem since early this year. Coronavirus which has spread to at least 212 countries is still affecting and killing people especially older ones. Economies are going down and small businesses are the most affected ones. With this, the US Government together with SBA is helping one another by proposing federal and state grants that business owners can apply to help ease their financial problems. The list below are the federal grants:
1. Paycheck Protection Program– this grant for the business owners to help their workers on their payroll. If this grant approves, the money should be used towards payroll, rent, mortgage interests, or utilities. More information and application for this grant can be viewed here: https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/paycheck-protection-program
2. EIDL Loan Advance– this grant will give a $10k advance for agricultural business owners to relieve temporary financial difficulties. This is a first-come, first-serve basis so if your business is engaged in agriculture, you may try to apply. More information and application for this grant can be viewed here: https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/economic-injury-disaster-loan-emergency-advance
3. SBA Express Bridge Loans– this grant allows business owners to file a loan as much as $25k if they have a relationship with an SBA Express Lender. The terms for this loan will be reviewed here: https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/sba-express-bridge-loans
4. SBA Debt Relief– SBA will pay 6 months of principal, interest, and any associated fees that borrowers owe from 7(a), 504, and Microloans. More information about this grant can be reviewed here: https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/sba-debt-relief
All states can check their community resources including Counties for local grant proposals and opportunities. Given that the government has been providing these kinds of relief, we should still not forget that we need to unite as one. Keep reminding ourselves that there’s no problem that we cannot unsolved, but we have to be dynamic always with our actions towards our employees and our community. Stay at home and follow government orders. This too shall pass!