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Are You a Small Business Owner Impacted by the COVID-19 Pandemic?

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Summary

  • Keeping employees on payroll can potentially lead to a forgiven loan.
  • Recommendations for small business owners to help stay financially afloat during this time. 
  • Our partner, Fundera can provide guidance on how to navigate the impact of COVID-19 on your business as well as access to SBA Paycheck Protection Program funding and various other loan options through their network of lenders.

The COVID-19 pandemic is not just impacting individuals and their finances. Small businesses may also be experiencing financial uncertainty and hardship. While many local communities are coming together to help support small businesses by purchasing gift cards and making online orders, many business owners may still be facing financial challenges.

A quick cash infusion is probably the first thing that comes to mind to help your business during this time. The federal government recently passed the Coronavirus Aid, Relief, and Economic Security (CARES) Act to help not just families and individuals, but also support businesses to stay financially afloat during this pandemic. The bill includes:

  • The Paycheck Protection Program (PPP) that includes $350 billion specifically to help small businesses stay open and pay employees.
  • An additional $10 billion to the Small Business Association’s (“SBA”) Economic Injury Disaster Loan Program to help disburse smaller loans and emergency grants directly to small businesses.
  • Additional funding for existing SBA debt relief and financing counseling and training programs.
  • The Senate is also in discussions to offer an additional round of funding. We’ll continue to update this post as developments occur.

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Additional financing options for small business owners

Credit Sesame has partnered with Fundera to provide access to exceptional financing options to our customers who are small business owners. To help small businesses navigate the impact of COVID-19, Fundera is now working with their network of lenders to provide Paycheck Protection Program loans to customers through a seamless process. You can get started on the process by answering a few questions about you and your business here

Fundera can help you meet your financing goals and help you understand your other options ranging from SBA loans to lines of credit and short-term loans. Fundera takes the stress out of hunting for the best financing options by providing access to 50+ reputable lenders with one easy application. Visit here to learn more and apply for a loan. 

In the meantime, Credit Sesame is a free valuable resource to help you monitor your credit and explore other credit options during these uncertain times. Please let us know if you have any other tips to include in the comments below. And most importantly, please stay safe and healthy.

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Disclaimer: You can trust that we maintain strict editorial integrity in our writing and assessments; however, we receive compensation when you click on links to products from our partners and get approved. This blog article is for informational purposes only and should not be relied on as financial advice. Although reasonable efforts have been made, we do not guarantee the accuracy of the information presented.

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You can trust that we maintain strict editorial integrity in our writing and assessments; however, we receive compensation when you click on links to products from our partners and get approved.
Published April 3, 2020
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Comments(5)

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James P Brownrigg•  April 6, 2020 Edit
All our catering events were cancelled due to the Coronavirus. We are in financial trouble until October. Will need$1200.00 a month through September.
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Credit Sesame•  April 6, 2020 Edit
Hi James. We are truly sorry to hear of the troubles you are experiencing. Please be sure to contact your lenders, as many are offering assistance, but only if you call. Best of luck to you, and please stay safe.
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Keith Gee•  April 19, 2020 Edit
I'm a barber shop owner and I've been in business for 16 years. It is really sad that they said they was gonna help small businesses out with relief funding and I know I applied for relief funding from 4 different programs. And I haven't received a dime. Nor did I receive a stimulus check. I don't know what else I can do to get help so I don't lose my business or my mind. Asking for help to direct me in a good path.
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Credit Sesame•  April 20, 2020 Edit
Hey Keith. MANY people have not gotten their payment yet. In fact, paper checks won't start going out until next month. The government is on the verge of (hopefully) approving a small business package. Please keep an eye on the news. We also plan to report on it as soon as we hear.
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Shane berry•  April 19, 2020 Edit
My husband was just denied by sba due to his credit
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