Resources for Small Business Owners Impacted by COVID-19

Many small businesses are experiencing economic hardship because of COVID-19. In light of social distancing recommendations and other stay-at-home rules, there has been a dramatic decrease in economic activity.

There are two main programs in the CARES Act that support small businesses. These programs are the Paycheck Protection Program or PPP 7(a) Loan Program and the Economic Injury Disaster Loans (EIDL) loan program. They provide economic relief to small businesses adversely impacted by the COVID-19.

Under the CARES Act, your PPP loan can be forgiven up to the full principal amount if you use the loan on approved expenses. SBA Economic Injury Disaster Loans (EIDL) are available to small businesses that suffer economic injury in a declared disaster area. These loans have a low-interest rate up to $200,000 for 30 years. Under the EIDL program, small business owners can apply for an Economic Injury Disaster Loan advance of up to $10,000. This advance provides economic relief to businesses experiencing a temporary loss of revenue and will not have to be repaid.

Eligible business can apply for both programs. Refer to the Small Business Administration website for information on SBA loan programs.

Take Charge of Your Savings
Earn rewards for creating a brighter future
Sign up to save more

Recommended Articles

How Does Paid Family Leave Work?

When money is tight and a loved one is sick, how do you decide if you should go to work or stay home to care for them? What if you are the one who is ill, and you need time to take care of yourself? Who is going to earn money to pay the everyday… Read more

An Update on Unemployment and Taxes: Your Questions Answered

We know that many of you have burning questions about unemployment benefits, including how they affect taxes and how they relate to the American Rescue Plan. Here are answers to some of the questions you’ve asked. What Does the American Rescue Plan Do for Me if I’m Unemployed? If you lost your job during the… Read more

Make a Powerful Plan for Your Tax Refund & Stimulus Check

We are in the thick of tax season, and the House recently approved a new stimulus bill. This is great news for many people, especially considering the average tax refund is around $2,500, and the expected stimulus check for a four-person household is up to $5,600. If you missed a previous stimulus payment, filing taxes… Read more