Free Resources for Understanding COVID-19 Financing Options

Are you overwhelmed by the sheer amount of information out there about COVID-19 relief loans? Not sure where to start when it comes to what you might be eligible for?

You’re far from alone. Information is being updated nearly hourly, and the various small business funding to make it through the coronavirus pandemic is a difficult concept to grasp.

I’ve spent the last few weeks with my nose to my computer sifting through hundreds of articles and resources, so I wanted to share the ones I thought were the most valuable in order to help you understand your options.

StartupNation exclusive discounts and savings on Dell products and accessories: Learn more here

Start with the SBA

Naturally, it makes sense to go to the source. The Small Business Administration is offering two loan programs to help businesses negatively impacted by COVID-19:

  • The Economic Disaster Injury loan program will provide low-interest loans up to $2 million to businesses impacted by COVID-19. It includes an advance of up to $10,000, which does not have to be repaid.
  • Then there is the Paycheck Protection Loans program, which will provide up to 2.5 times a business’ average monthly payroll for the previous 12 months (up to $10 million total). You may be eligible for forgiveness if you keep workers on the payroll for the eight weeks after you get one of these loans.

Check with local governments and nonprofit organizations

Each state (and most local governments) has COVID-19 resource pages, grants, and loans for local businesses. However, some of these programs are already closing out due to popular demand. It’s worth it to bookmark your city and state pages and check for the latest information, though.

Also, your local Small Business Development Center is a valuable asset, as many are helping with the loan application processes. And the SCORE Coronavirus Small Business Resource Hub has great content for you, too.

Additional resources

Federal, state and city governments aren’t your only resource for financing to help you through. Many private companies are offering grants, including:

Some companies are helping in other ways. For example, Nav has a free CARES Act SBA Loan calculator to help you figure out how much you’re entitled to through SBA COVID-19 loans. Additionally, Nav has a Facebook group called the SBA COVID Loan Insight Hub, where experts answer questions from business owners like you about the SBA loans.

Sign Up: Receive the StartupNation newsletter!

While you wait

Though all small business owners and entrepreneurs who are struggling wants the SBA funds to be available quickly, we’re already hearing about delays in the process, simply due to the sheer demand for these funds.

While you’re waiting to receive your SBA loan funds, you can get free training and educational content from:

This list serves as a reminder that you’re not alone. I know it can feel isolating to have your business disrupted and no customers coming in the door. But know that these resources are here to alleviate at least a little of the pain you’re feeling.

Previous Article
startupnation business beat

WJR Business Beat with Jeff Sloan: Fear of Failure During COVID-19 (Episode 26)

Next Article

In Crisis, What Should Entrepreneurs Make Free(mium)?

Related Posts
virtual assistant
Read More

How Virtual Assistants Can Benefit Startup Leaders

According to venture capitalist Bill Trenchard of First Round Capital, the average startup founder "works about 300 days a year, 14 hours a day." He should know. Trenchard cofounded and led three companies and, as a VC, advises hundreds of startups. "Looking at the schedule of a typical CEO, a full 70 percent of that...
find a new accountant
Read More

5 Signs It’s Time to Find a New Accountant

As a business owner, you likely want to do whatever you can to keep your company’s finances in check. This is why it’s imperative to work with an accountant that you can trust and count on to maximize your enterprise’s financial health. Whether you have an in-house bookkeeper or you outsourced all of your bookkeeping...
succession planning
Read More

Your Business Legacy: Why Succession Planning Is a Crucial Step in Estate Planning

Running your own business is a mammoth task and a considerable investment. Statistics have consistently shown that small business owners have to work longer and harder than the average employee. So, after dedicating so much time and energy to building up a company, it’s crucial to protect it should the worst happen. Almost all of...
Read More

WJR Business Beat: We’re Spending Even More Time Online (Episode 411)

In today's Business Beat, Jeff tells us consumers are spending more time online and explains what businesses need to do to reach them. Tune in below for more details on how digital use has changed with the pandemic:   Tune in to News/Talk 760 AM WJR weekday mornings at 7:11 a.m. for the WJR Business...