At this time in the country, many businesses could use a helping hand to get by. Rather than laying off workers or dipping into the business’s rainy day fund, there is government aid available in the form of loans, grants, and local resources.
Government Funding Available
For smaller businesses, HUBZone helps businesses receive certain contracts when they often may not have had a chance. The program awards set-aside contracts to certified businesses and allows a 10% prize evaluation in contract competitions.
Women-Owned Small Business
In an effort to provide women business owners with more contracts, the Women-Owned Small Business Federal Contracting Program is available. Joining the program helps women-owned businesses compete for contracts that are set aside for them.
8(a) Business Development
The 8(a) Business Development Program helps small businesses who are owned by socially and/or economically disadvantaged people/entities. This nationwide program sets aside contracts to limit competition and help disadvantaged businesses.
Express Loan Program
To help small business owners cover a wide range of expenses, SBA Express Loans will help grow and maintain existing business operations. These loans are available up to $350,000 for no more than seven years with an option to revolve.
504 Loan Program
This program helps promote job growth, economic development, and business financing to small businesses. The loans are long-term and have fixed-rates to help acquire fixed assets.
Paycheck Protection Program
If your business is struggling to keep its employees during the COVID-19 outbreak, the Paycheck Protection Program may be able to help. The money from this loan is specifically put aside for payroll, rent, mortgage interest, and utilities.
EIDL Loan Advance
Currently, the Economic Injury Disaster Loan Emergency Advance is unable to accept new applications due to COVID-19. That being said, keep this program in mind because small businesses that are currently experiencing a temporary loss of revenue are eligible for this loan. This program is very popular at the moment, hence the reason they are currently not able to accept any new applications.
SBA Debt Relief
If your business had an active disaster loan, the SBA Debt Relief program will help pay the principal, interest, and other fees on existing loans. For more information on your current loan and whether or not it may be automatically deferred, contact the SBA for more information.
In addition to federal government aid, using local resources can make a difference at this time as well. Talking and sharing ideas with local partners, mentors, and other businesses can help make these times a little more manageable. Plus, it may strike up a conversation and we could all use a little human interaction at the moment!
In addition, the Coronavirus Aid, Relief, and Economic Security (CARES) Act, is available to help your business as well. It’s important to keep in mind that there is funding available if your business is struggling and that you don’t need to panic. At FieldEdge, we’re here to help answer any additional questions you may have to help put your mind at ease as well.