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.

Recommended Articles

How to Make a Budget for Your Family During COVID-19

“How can you budget your money when you have the same amount coming in as you did before, but now you have everyone at home using more electricity, gas, and water and eating more food?” Submitted by Kelly B. A budget is nothing more than deciding how you will spend money before you get it.… Read more

Am I eligible for SNAP benefits if I’m unemployed due to COVID-19?

The additional $600 in unemployment benefits is ending this week. Meanwhile, talks about possibly extending the program are still up in the air. If you were ineligible to receive SNAP benefits (also known as food stamps) because of the extra $600/week, you may now qualify to receive them. College and graduate students and those on… Read more

You may be eligible for a stimulus check

[Updated as of July 2020] If you typically don’t file taxes, you have until October 15th, 2020 to fill out the IRS Non-Filer form in order to be sent your stimulus check. About 12 million Americans are still eligible to receive this $1,200 economic impact payment. For the past month, we’ve been asking SaverLife members… Read more