BUSINESS

Coronavirus Emergency Loans and Benefits for Small Business

So many small businesses were hit hard by the safety measures and mandatory closures that were necessary to slow down the spread of the coronavirus. The coronavirus emergency loan is a loan that is required to sustain ongoing operations.

List of Coronavirus Emergency Loans

Some of the coronavirus emergency loans include:

Nav

Nav through a small business grant contest is giving grants to a small business that tells a story of opportunity and preservation when facing an ongoing challenge.

Chamber of Commerce of the US

The Chamber of Commerce of the US came up with an initiative called Save Small Business Fund to offer grants of up to $5,000 to employers throughout the country.

Facebook

Facebook is offering Grants totaling $100 million will be distributed to 30,000 small companies.

Main Street Lending Program

This supports mid-sized and small businesses that were doing well before coronavirus by offering them loans payable in 4 years.

Local and State Coronavirus Small Business Assistance

States have come up with ways to assist small businesses in their areas. The states are:

Colorado

Businesses that were hit hard by the coronavirus are eligible for cash grants from the Denver Small Emergency Relief program.

Utah

Small businesses are qualified to get up to $20,000 in loans for zero-interest payments that can be delayed for up to 12 months if you use the Utah Leads Together Small Business Bridge Loan program.

California

SMEs are liable for loans with no interest via the SA, Emergency Loan Program. Micro Enterprises and companies that are in charge of providing jobs are eligible for emergency microloans.

Illinois

Small companies in Chicago can qualify for loans of up to $50,000 with a five-year repayment period via the Chicago Small Business Resiliency Fund. Your revenue before coronavirus will be the determining factor of the amount of loan you can qualify for.

Louisiana

Organizations in Louisiana will apply for credits up to $100,000 with no interest and no installments for the initial half year through the Louisiana Loan Portfolio Guarantee Program.

New Hampshire

Small businesses can get funding from the Manchester Small Business Recovery Loan Fund. They can get loans of up to $25,000 with 2%interest rates.

New Mexico

Businesses can get loans that are repayable in 2 to 4 years with 3% to 10% interest rates from the New Mexico Recovery Fund.

Oklahoma

Little organizations are qualified for zero-interest advances of up to $100,000.

New York

NY, City Small Business Continuity Fund offers 0% attributes up to $75,000 to little organizations to counterbalance deals misfortunes.

Pennsylvania

Small businesses can access loans of up to $100,000 with a three-year repayment period and zero interest rate.

New Jersey

Nonprofits and small companies in New Jersey can qualify for up to $100,000 in funding that can be deferred for a year.

Washington

The Washington SME Emergency Grant Program offers small start-ups up to $10,000 in loans.

North Carolina

Little organizations will get 0% premium advances up to $50,000 without any installments for the initial half year.

Minnesota

Little associations in Minnesota can apply for 0% advances of up to $35,000 through the SME Emergency Loan Program, which has a five-year reimbursement plan.

Kentucky

The Economic and Community Development Initiative of Kentucky will provide up to $3,000 in incentive funds to small businesses.

Florida

The Florida SME Emergency Bridge Loan Program Presents $50,000 in credits to little associations affected by coronavirus. The loans function as a stopgap measure before the company can secure alternative financing.

Connecticut

The state of Connecticut has a program that offers zero-interest advances up to $75 000 or three months of working interest.

Small businesses have benefited from the coronavirus emergency loan through being eligible for loan forgiveness, zero interest rates on the loan, and flexible repayment periods.

According to Lantern Credit, ‘Small business grants allow you to do these things and more. Because grants don’t have to be repaid, businesses can use them to invest in a company’s growth and profitability.’ Grants for small business from Lantern by SoFi have helped the business open new locations, add new product lines and hire new staff.

webupdatesdaily

WebUpdatesDaily is a global platform which shares the latest updates and news about all categories which include Technology, Business, Entertainment, Sports, etc and keeps the users up-to-date.

Recent Posts

How To Get Clients For A Local Business

Finding clients for your company is one of the most delicate processes in the current…

24 mins ago

New 3D NAND Memory Based Neuromorphic Computing Platform

American computing and engineering experts have developed an ultra-compact 3D NAND memory-based neuromorphic computing platform.…

2 days ago

How Live Chat Solution Can Be Used to Boost Sales Outcomes for SMEs

Live chat has become the standard in the contact center. We all love it when…

2 days ago

Large Technology Companies And Digital Dependence On Users

There is no doubt that large technology companies have generated a level of digital dependence…

4 days ago

What Are Automated Repricing Tools for Amazon Sellers?

Marketing and moving products through Amazon can be a challenging process, whether you’re reselling or…

6 days ago

Best Check Printing Software for 2022

Checks offer businesses a convenient and straightforward way to pay without the hassle of setting…

6 days ago