These times are chaotic and unprecedented, and we are all in this together. With many businesses experiencing drastically reduced revenues and tight financial situations, here is a list of options to help your company financially.
Paycheck Protection Program (PPP)
The paycheck protection program (PPP) option will help you keep your employees paid during these hard times, which is essential to your business's health. Some business owners might want to note that the small business association (SBA) will forgive loans used to compensate employees for payroll for up to eight weeks. Any loan repayment will be deferred for six months to ensure the business can get back to an operational state. If you are an approved small business or any of the companies listed in this description, check out these loans to keep your business afloat during the pandemic.
SBA Express Bridge Loans
If you already have an existing business relationship with an SBA Express Lender, this loan option is the best for you! You could quickly access up to $25,000, which can help counter the temporary revenue loss your business may be experiencing.
The SBA Express bridge loan will be the best option if you are looking for the fastest way to access capital during this crisis. Make sure you check out this link to learn more about how this loan can help you and your business.
SBA Debt Relief
Another excellent option for financial relief during COVID-19 is the SBA Debt Relief program. The SBA will pay up to 6 months of principal, interest, and fees that many borrowers owe on qualifying loans. With drops in revenues, it can be increasingly difficult to cover all current expenses and pay back any debt. Make sure to check out this debt relief program offered by the SBA to help you get through these trying times.
If you still feel that you need more guidance and clarity regarding your specific financial situation, check out this article, which does an excellent job in laying out potential options on a state-by-state basis and, in some cases, a city-by-city basis. With the expansion of remote work, make sure to check out 150birds and book a call to get started with your marketing team. Stay safe, wings up, and fly my fellow birdies!