The COVID-19 crisis has struck home for business owners everywhere. Many are coming face-to-face with their company’s solvency as businesses deemed non-essential across the country from hair salons to sporting goods stores are forced to shut their doors temporarily. The problem is that these businesses are, in fact, essential to the health of the U.S. economy, and business owners are grappling with how to avoid making the temporary shutdown permanent.   

Of the more than 30 million small businesses in the United States, many will qualify for trillions of dollars in emergency business funding that have been earmarked for grants and government-funded low-interest rate loans. The SBA is waiving usual requirements such as collateral and personal guarantees, while some of the loan funds can qualify for forgiveness. 

Businesses can secure up to $2 million through EIDL, with interest rates of 3.75% over 30 years

Businesses can apply for 2.5x their average payroll, to be used on payroll, rent, and utilities through the CARES Act PPP Loan

All U.S. states and territories qualify