27 Jan Small Business Relief Resources to Save Your Company
2020 was a hard year for many small business owners. The lockdown brought concerns about affording rent, dealing with revenue loss, handling an unusual sales cycle, and paying employees.
According to Business Wire, “Nearly 48% of businesses with 1-4 employees have experienced a significant or severe impact. For businesses with 20-49 employees, 37% noted a significant or severe impact.”
Given that more than 99% of businesses in the U.S. are small businesses, the federal government has stepped in to provide small business relief resources, beginning with the CARES Act in March 2020, to help business owners overcome these challenging times.
We know you need help, and we know it can feel overwhelming to find the help you need.
That’s why we’ve put together a collection of small business relief resources to guide you on your quest to save your business and protect your financial future.
Paycheck Protection Program (PPP) Funding Relief for Small Businesses
The Paycheck Protection Program (PPP) is an SBA (U.S. Small Business Administration) loan designed to help employers keep their workforce during this health crisis.
Essentially, it expands on the traditional SBA 7(a) loan program.
The PPP loan may be used for payroll, including benefits, rent, utilities, etc.
Since the health crisis is ongoing, the SBA, along with the U.S. Treasury Department, has reopened the PPP for first draw loans as of January 11, 2021.
In addition, eligible small businesses may now apply for a second draw PPP loan with the same general loan terms as their first draw PPP loan.
Moreover, if you spend the PPP loan on approved expenses within a certain time frame, the entire loan may be forgiven.
We know it is a lot to weed through. That’s why we’ve broken it all down for you in the following videos.
Payroll Protection Program PPP Approved in 24 hours for Self-Employed In this video, I walk you through how to apply and get approved through the Blue Vine program.
Payroll Protection Program PPP Forgivable Loan In this video, I explain how to get full forgiveness for your PPP loan.
PPP Updates December 2020 | PPP Round 2 In this video, I go into detail about the bill passed by Congress that continues the Paycheck Protection Program and support for small businesses during this health crisis.
Additionally, Retirement Hustle has a page dedicated to Small Business Relief Resources for the Pandemic — here you’ll find direct links to all the PPP-related Small Business Administration information you need.
Economic Injury Disaster Loans for Small Business (EIDL)
One of the other small business relief resources we get a lot of questions about is the Economic Injury Disaster Loan for Small Business (EIDL).
The EIDL is an SBA loan designed to help cover a temporary loss of revenue a small business may be facing.
The purpose is to help small business owners meet financial obligations they would have otherwise been able to, had they not been negatively impacted by the ongoing pandemic.
The loan may be used for normal operating expenses.
Some hard-hit small businesses may also be eligible for the COVID-19 Targeted EIDL Advance, which provides additional funds up to $10,000.
If you are eligible for the EIDL Advance loan, the $10,000 is forgivable, which makes this portion more like a grant.
If you are confused about the EIDL and the EIDL Advance, check out the video below.
On the Retirement Hustle Small Business Relief Resources page, we also have an entire section dedicated to EIDL funding options (with direct links to the appropriate Small Business Administration pages).
Additional Small Business Relief Resources
In addition to SBA loans, other small business relief resources are helpful.
For example, the sudden shift to remote work has created headaches for many small business owners.
Check out some of the blogs found on our Small Business Relief Resources page that may help with adjusting to this new normal.
- 13 Ways to Protect Your Small Business from Cybercrimes Did you know cybercriminals are targeting small businesses during the pandemic? It’s true. Protect your small business, employees, and customers from cybercrimes with these 13 tips.
- What Small Businesses Can Do to Prepare for a Second Lockdown Whether a second statewide lockdown occurs or you have a prolonged closure due to COVID-19 exposure, it is better to take steps now to protect your small business.
- 21 Tips to Work from Home with Kids Running your small business from home is hard enough without having your kids at work with you. If you find yourself struggling with balancing kids and work, check out these 21 tips.
- 8 Ways to Increase Productivity in Your Home Office Working from home comes with plenty of distractions. Here are 8 ways to say goodbye to distractions and hello to productivity.
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