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Coronavirus Small Business Relief Programs

Check out coronavirus small business relief programs from SBA disaster loans to grants, tax extensions, alternative lenders to credit card companies. https://www.onlinecheck.com/blog/business-loans/coronavirus-small-business-relief-programs/

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Coronavirus Small Business Relief Programs

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  1. Coronavirus Small Business Relief Programs

  2. Almost every American is looking for guidance and support during the current coronavirus pandemic. Particularly, the lives and livelihood of small business owners are tangled due to the covid-19 outbreak. According to the U.S. Chamber of Commerce, most small businesses need economic and logistical assistance because they don’t have adequate funds to help cope with emergencies, especially for restaurants and eCommerce businesses. With that said, almost every business owner is pursuing financial relief in coronavirus pandemic. To help small businesses get the relief to wade through the pandemic, here are coronavirus small business relief options to help your business stay afloat during this crisis. WWW.ONLINECHECK.COM

  3. The federal government has specifically allocated billions of dollars to the Small Business Administration (SBA) Disaster Loans programs, in particular, the Economic Injury Disaster Loans (EIDL) program. These EIDL programs are designed to help businesses that are affected by the coronavirus outbreak and available in every state.The new coronavirus relief bill is in the process that will increment the funding amount through this program for small businesses. To discover how you can apply for these loans; visit our blog post of coronavirus business loans. SBA Economic Injury Disaster Loan Program

  4. The federal government has specifically allocated billions of dollars to the Small Business Administration (SBA) Disaster Loans programs, in particular, the Economic Injury Disaster Loans (EIDL) program. These EIDL programs are designed to help businesses that are affected by the coronavirus outbreak and available in every state. The new coronavirus relief bill is in the process that will increment the funding amount through this program for small businesses. To discover how you can apply for these loans; visit our blog post of coronavirus business loans. Other Federal Small Business Loans

  5. Besides the SBA Disaster Loan Programs, there are other low-interest business loans such as the SBA 7(a), SBA Microloan, and SBA 504/CDC loans available for small businesses to help them expand, upgrade, or fund their ventures. You can apply for any of these federal small business loan options along with the SBA EIDLs. Through the future federal legislation, regarding coronavirus pandemic, additional funding may be made available to these programs for small businesses. Other Federal Small Business Loans WWW.ONLINECHECK.COM

  6. Extended Tax Deadlines According to the American Institute of CPAs (AICOA), the federal government has provided extended income tax filing and payment deadlines to July 15, 2020, for both individuals and businesses with a tax bill payment of up to $10 million. The business owners can retain their capital without any late fees or interest payments for an additional three months. If you’re unable to file your tax return within 90 days, you can file for a six-month extension using IRS Form 4868 by submitting the request before the July 15 deadline. Some states have already aligned their tax deadlines with the new federal deadline, so review the AICPA tax filing deadline relief to find out about your state tax deadlines.

  7. Financial Resources via State and Local Government Many State and Local governments are initiating financial relief programs for small businesses that are affected by the coronavirus outbreak. The assistance programs include Rapid Response teams, no-interest loans, payroll grants, and more. To find out more about these relief programs from your state and local government, contact your local Chamber of Commerce or visit governors’ websites for up-to-date information about relief available in your area. WWW.ONLINECHECK.COM

  8. Small Business Grants Both public and private organizations have rolled out small business grants for affected businesses. Facebook offers $100 million in cash grants and ad credits to up to 30,000 small businesses across 30 countries with a Business Resources Hub to help guide businesses. Amazon has offered Neighborhood Small Business Relief Fund of $5 million in cash grants to Seattle businesses with fewer than 50 employees or less than $7 million in annual revenue. Yelp has offered $25 million in waived advertising fees, free advertising, products, and services to local restaurants and nightlife establishments. WWW.ONLINECHECK.COM

  9. Small Business Grants • The public companies are also jumping in to help affected businesses. James Beard Foundation is gathering relief funds from corporate, foundation, and individual donors to help businesses in the food and beverage industry. • The list of small business grants from governments include: • California – San Francisco COVID-19 Small Business Resiliency Fund • City of Los Angeles Small Business Emergency Microloan Program • Colorado Denver Small Business Emergency Relief • Florida Small Business Emergency Bridge Loan Program • Illinois Chicago Small Business Resiliency Fund • Michigan Small Business Relief Program • New York City Employee Retention Grant Program • New York City Small Business Continuity Fund • Oregon Beaverton Emergency Business Assistance Program • Hillsboro Small Business Emergency Relief Program • Jade District-Old Town COVID-19 Small Business Response Fund WWW.ONLINECHECK.COM

  10. Lenders Small Business Assistance Programs Alternative, aka online lenders, like Merchant Advisors, Kabbage, and OnDeck have been serving small businesses that cannot obtain funding from traditional sources or the SBA. These lenders are offering online small business loans to businesses that need funding quickly. The alternative lending industry is in transition due to the coronavirus outbreak; however, you can secure some funding options to fill your cash flow gaps. For more information on business loan programs, you might qualify for, click here.

  11. Credit Card Companies Using credit cards for covering cash flow gaps can be useful tools. However, when cash is short due to coronavirus pandemic, paying for credit cards can be a challenging proposition. Some credit card companies such as American Express, Citibank, Capital One, and Chasehave announced financial assistance and leniency in terms of waiving service fees, late fees, and early withdrawal fees on CDs. You can contact them via their mobile apps or online chat functions for more information.

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