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July 27, 2020 by Mehnaz Haq 0 Comments

COVID Small Business Loans

The Coronavirus outbreak has had a significant impact on small businesses and nonprofit organizations. Through the stimulus packages passed in March 2020, the Small Business Administration (SBA) is adding and expanding existing loan products available to small businesses.

The intention of this stimulus is to get money to small businesses to help them keep their business running and employees paid through this crisis.

The stimulus money for small businesses – $384 billion – will fund several different programs: Economic Injury Disaster Loans (EIDL) and Emergency EIDL Grants, the newly created Paycheck Protection Program (PPP), and the small business loan forgiveness and debt relief programs.