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.
Archive for the ‘Business Loans’ Category
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.
It took less than two weeks for the funds approved for small businesses through the CARES (Coronavirus Aid Relief & Economic Security) Act to run dry and for banks and lenders to close applications. Experts warned from the start that the money would not go far compared to the magnitude of the need, and that prediction rang true. With the country shuttered and the majority of states under stay-at-home orders with essential businesses closed for the foreseeable future, stress is mounting. Talks are already underway about a continuation of funding in an effort to halt the catastrophic economic impact of the Coronavirus pandemic, but at the moment the loans are on pause.
Economic Injury Disaster (EIDL) Loans VS Paycheck Protection Program (PPP) Loans: What’s The Difference?
Wondering what the difference is between EIDL and PPP loans? Or need help deciding which (or both) type of SBA coronavirus loan your business should apply for? Read on to compare/contrast these two different Small Business Administration loans for small business coronavirus relief and decide which is better for your needs so you can apply for it.
As part of the national effort to combat the devastating economic effects of the COVID-19 pandemic, the CARES Act was signed into law on March 26, 2020. The Act authorized the creation of the $349 billion Paycheck Protection Program (PPP), a loan program meant to provide loans to businesses impacted by the pandemic. Sadly, this program has been beset with problems from the start. Small businesses seeking relief have had to deal with a confusing application process, banks that have been unwilling to accept loan applications from “new” customers, delays in the disbursal of loan funds, and a creaky SBA computer system. If you find yourself in the unfortunate position of waiting to learn about the status of your PPP loan application, here’s what you can do.
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.
With the coronavirus pandemic impacting small businesses nationwide, borrowers need their money to make ends meet during these critical months of isolation. While the White House announced via Twitter that PPP Loans had been disbursed, banks aren’t releasing numbers, the SBA won’t confirm the White House statement, and many approved small businesses are still waiting for funds.
How SBA Economic Injury Disaster Loan (EIDL) Emergency Advances Work & Where Your Small Business Can Get One
On top of the traditional SBA funding programs, the CARES Act established several new programs to provide economic relief to small businesses affected by COVID-19. One of these programs is EIDL loan advances. EIDL disaster loans are an existing SBA disaster loan program, but the US government has recently expanded the program, opening it up to virtually any small business, and added forgivable advances on EIDL loans. The advances, in particular, have gained a lot of interest from small business owners, as these advances do not need to be repaid.
Businesses that have exhausted normal methods of acquiring capital may find themselves turning to less known methods, such as vendor financing. Like most forms of alternative financing, it’s less a broad solution and more a specific help for small businesses whose needs fall into a specific niche. Is it the best choice for your particular small business financing needs? Read on to find out.
Becoming a tutor allows you incredible job flexibility, while also giving you an opportunity to do meaningful work in your community. When you tutor, you make an impact on students’ lives and help guide them toward educational success. And at the same time, tutoring allows you to manage your own schedule and set your own rates. What’s more, when you set up an online tutor business, you can even work from home! Have you been considering starting a tutoring business, but you aren’t sure where to start? In this article, we’ll walk you through a step-by-step process for planning your tutoring business.