The EIDL program is reserved for small business owners that have faced financial hardship as a result of a disaster. Because President Donald Trump declared a national disaster as a result of the coronavirus, many small business owners will now qualify for this funding to keep their businesses afloat. If your business has been impacted by the coronavirus, keep reading to learn more about how to apply for these low-cost loans so you can get the financial relief you need.
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Many small business owners facing financial challenges have applied for the EIDL program. If you’re one of the thousands that have submitted their applications, congratulations — you’re one step closer to getting the relief your business needs. However, as with other SBA loans, the EIDL program isn’t exactly the fastest source of funding. The addition of the Emergency Advance through the Coronavirus Aid, Relief, and Economic Security (CARES) Act and expedited processing of loans has made it possible to receive funds faster than ever, but many business owners are still in the dark about when funding will come through.
If you’re starting a new business adventure, you’re probably excited about all that lies ahead — and concerned about where you’ll get the money to make your dreams come true. If you lack collateral to back a business loan, you may be hesitant to move forward with a lender. If this is a problem you’re facing, keep reading. In this post, we’re going to discuss your startup business loan options when you can’t put up collateral. We’ll look at what collateral actually is, why some lenders require it, and funding options that don’t require collateral.
The United States government has reacted to recent economic uncertainty through the Coronavirus Aid, Relief, and Economic Security (CARES) Act. Under the CARES Act, there are a number of programs aimed to help small business owners weather the coronavirus storm. If you’ve obtained a loan backed by the Small Business Administration (SBA), one of these programs will be of particular interest to you. This program provides SBA loan debt relief to business owners affected by the coronavirus.
If you’ve been on the hunt for an affordable small business loan, Small Business Administration (SBA) loans are probably already on your radar. With high borrowing limits, long repayment terms, competitive interest rates, and less stringent requirements than traditional low-interest loans, it’s no wonder SBA loans are highly sought by small business owners. In this post, we’re going to take a look at the top 10 SBA lenders based on data from the SBA itself.
One of the biggest challenges faced by trucking companies is waiting to get paid. You could potentially wait for weeks (or even months!) to receive payments from your customers. Fortunately, there’s a way to get paid quickly: invoice factoring. You can have access to instant (or near-instant) cash instead of waiting 30, 60, or 90 days for your customers to pay. But what’s the catch? In this post, we’ll take a look at invoice factoring for trucking companies.
Whether you’re an employee or an employer, everyone around the world is feeling the effects of the coronavirus pandemic. Fortunately, Congress has stepped up to battle the economic fallout as a result of the coronavirus with a $2 trillion stimulus package — the largest in history — and it offers relief for small business owners as well.
Employees are vital to small businesses. While it’s normal to change strategies during the COVID-19 pandemic, it’s also important think about your business over the long term. Sure, cutting staff now may save you some money, but what happens when it’s back to business as usual? If you can, instead of laying off your workers, use this time to test out new ideas, provide products and services in new ways, and tackle tasks that have previously fallen by the wayside.
People are dealing with a lot of fear and uncertainty worldwide, and business owners are no exception. Your health, the health of those around you, and maintaining your livelihood can easily overwhelm you. But just know that there are options available that will help keep your business afloat. While you may have to dedicate your time and may even need to consider a small investment, these efforts can boost sales and help your business come out on the other side. Read on for advice about how to keep going in the age of social distancing.
The Federal Reserve has made emergency interest rate cuts to near zero percent. Find out how the cuts could affect your small business and help you get financing to weather the current COVID-19 pandemic.