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PPP Is Gone, But Government Help for Small Businesses Isn’t

2 17 20
22.10.2021

The federal government’s Paycheck Protection Program provided small-business owners with just under $800 billion in COVID-19 relief, according to the U.S. Small Business Administration.

The PPP concluded on May 31, but as businesses forge ahead in the recovery process, they may find a continued need for affordable financing. Here are some of the government funding options that are still available — and how to get them.

If your business lost money as a result of the pandemic, you may be eligible for a COVID-19 Economic Injury Disaster Loan. The SBA can issue these loans through Dec. 31 of this year, or until funds run out, whichever is sooner.

New changes to the program have increased the maximum available loan amount from $500,000 to $2 million, extended the payment deferment period to 24 months for all loans and expanded the use of funds to include payment of nonfederal and federal debt.

COVID-19 EIDLs are funded by the SBA directly — but unlike PPP loans, they cannot be forgiven.

However, businesses in low-income communities may be eligible for a COVID-19 EIDL advance of up to $15,000 that does not need to be repaid. Business owners can get an advance without getting a loan.

You can apply for a COVID-19 EIDL for free using the SBA’s online........

© Entrepreneur


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