Updated: Jun 24
Critical Financial Relief Options for Small Businesses
From Fortune 500s to SMBs, companies nationwide are in uncharted territory: managing a business amidst a global pandemic. For many of our clients, the financial implications looming feel catastrophic. We’re here to help. We’ve compiled a comprehensive list of grants, reliefs, and loans small business owners like yourself can explore to offset the economic hurdles of COVID-19 best.
Where Do I Start?
Your small business or non-profit may be eligible for a federal grant, cash grant, or low-interest loan to offset up to eight weeks of payroll costs.
Businesses with under 500 employees are eligible for financial aid. This includes non-profits, sole proprietorships, freelancers, contractors, and startups.
Below, we’ve outlined four different corporate aid options that may be able to provide critical relief to your business.
What Are My Corporate Funding Options?
How Does It Help?
This loan program provides loan forgiveness for retaining employees by temporarily expanding the traditional SBA 7(a) loan program.
Any small business with less than 500 employees (including sole proprietorships, independent contractors, and self-employed persons), 501(c)(3) non-profit organizations, 501(c)(19) veterans organizations, or Tribal businesses (see sec. 31(b)(2)(C) of the Small Business Act) affected by coronavirus/COVID-19.
How Does It Help?
This loan advance will provide up to $10,000 of economic relief to businesses experiencing temporary difficulties.
This program is for any small business with less than 500 employees (including sole proprietorships, independent contractors, and self-employed persons), private non-profit organizations, or 501(c)(19) veterans organizations affected by COVID-19.