Are you currently a small company owner impacted by the COVID-19 pandemic? | Credit Sesame

Summary

• Keeping employees on payroll can potentially lead to a forgiven loan.
• Recommendations for small business owners to help stay financially afloat during this time.
• Our partner, Fundera can offer guidance on how you can navigate the impact of COVID-19 in your business as well as use of SBA Paycheck Protection Program funding and various other loan options through their network of lenders.

The COVID-19 pandemic is not just impacting individuals as well as their finances. Small businesses may also be experiencing financial uncertainty and hardship. While many local communities are coming together to help support small businesses by buying gift cards and making online orders, many business owners may still be facing financial challenges.

A quick cash infusion has become the first thing that one thinks of to assist your business during this time. The federal government recently passed the Coronavirus Aid, Relief, and Economic Security (CARES) Act to help not only families and people, but additionally support businesses to remain financially afloat in this pandemic. The balance includes:

• The Paycheck Protection Program (PPP) which includes $350 billion specifically to help small businesses stay open and pay employees.
• An additional $10 billion to the Small company Association's (“SBA”) Economic Injury Disaster Loan Program to assist disburse smaller loans and emergency grants straight to small businesses.
• Additional funding for existing SBA debt relief and financing counseling and training programs.
• The Senate is also in discussions to provide one more round of funding. We'll still update this informative article as developments occur.

Additional financing options for small company owners

Credit Sesame has partnered with Fundera to provide use of exceptional financing choices to our customers who're small businesses. To assist small businesses navigate the impact of COVID-19, Fundera has become working with their network of lenders to provide Paycheck Protection Program loans to customers through a seamless process. You will get started on the procedure by answering a couple of questions in regards to you as well as your business here.

Fundera can help you meet your financing goals and assist you to understand your other options which range from SBA loans to credit lines and short-term loans. Fundera takes the strain out of looking for the best financing options by providing access to 50+ reputable lenders with one particular application. Click here to learn more and obtain a loan.

In the meantime, Credit Sesame is a free valuable resource that will help you monitor your credit and explore other credit options over these uncertain times. Please let us know for those who have any other ideas to use in the comments below. And more importantly, please stay safe and healthy.

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