Current Financing Options for Businesses Impacted by the Coronavirus Outbreak
The novel coronavirus outbreak has stretched across the globe, inflicting a traumatic toll on millions of people in over 100 countries. Beyond the devastating health impact, the fallout from the pandemic has affected small businesses everywhere, as many have been forced to close or restrict operations, or lost employees to illness.
We’ve always known that small businesses are the heart of the U.S. economy, but the pandemic has shown the true extent of that. As small businesses shutter, struggle to operate, or re-open in limited capacities, American society has ground to a halt, and millions of business owners and their employees are hanging on to their ways of life by a thread.
Over the last few months, federal, state, and local governments have attempted to respond to this unprecedented crisis. The White House, Congress, the SBA, and many state and local governments have announced or implemented a variety of initiatives for business owners.
The most notable of these initiatives includes the creation of a new lending program, the Paycheck Protection Program. To date, the PPP has disbursed hundreds of billions of dollars in low-cost, forgivable loans to small businesses.
Other loan programs, newly created tax credits, and cash advances to individuals as well as business owners are just some of the ways that the government has tried to prop up the private sector until the public health emergency has passed. For now, it’s unclear whether these efforts are enough to sustain American small businesses for the long haul.There has also been an upswell of support from private organizations and nonprofits, as well as from everyday Americans who want to show their support for businesses that make up their communities.
Here at Fundera, we want to provide small business owners with the financial knowledge, resources, and information they need to make the best decision for their business, both now and in the future. We also want to connect concerned citizens and organizations with the means to make an impact when it comes to supporting their local businesses.
On this page you’ll find access to all of our coronavirus small business resources—including information on obtaining emergency financing, explainers on impactful legislation, and articles detailing what steps you can take to support a business close to you.