5 Resources for Businesses Experiencing Financial ChallengesBy: Gerri Detweiler
It’s easy to feel like you’re alone in suffering right now, as COVID-19 takes over your life and impacts your business. It’s important for you to know that there are resources available to help you, whether you’re looking at your financing options or simply want a little advice on what to do.
The Small Business Administration is in the spotlight right now, since Congress is in the process of authorizing some $367 billion funds to help small businesses via SBA loan programs. Business owners in every state can currently apply for an Economic Injury Disaster Loan, which provides low-interest loans up to $2 million to businesses impacted by COVID-19.
And the President is expected to sign legislation making its popular SBA 7(a) loans—which are made by financial institutions, but guaranteed by the SBA—more widely accessible with even more borrower-friendly terms. You can find the latest on these loan programs here.
SBDCs and SCORE
Each state has several Small Business Development Centers, designed to provide resources for entrepreneurs. While branches are closed, many offer online resources that are helpful right now, like coronavirus checklists, webinars on managing finances during an economic downturn, and more. They can also often help with preparing Disaster Loan applications and refer you to other state assistance programs.
SCORE mentors can also help with free mentoring, online workshops and webinars. Visit the SCORE Coronavirus Small Business Resource Hub.
Your State and City Governments
Many states are extending tax filing and payment deadlines to align with the IRS’ decision to do so. Some are coming up with their own financing and grants to help local businesses. Here’s an article with resources for each state.
Check the following to find the most updated information for your area:
- Secretary of State
- State business office
- Unemployment benefits
- Department of revenue
- Economic development
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